The exercise started in April this year and expected to run up to the end of the year. Mufulira smelter, Mopani Copper Mines. Mopani's 2019 financial statement shows operating expenses of $931 million. Zambia Sees Deal With Glencore Over Mopani Within a Month November 17, 2020 14:02 December 9, 2020. In an interview, MUZ president Joseph Chewe hailed … Mopani Copper Mines, which produced 119,000 tonnes of copper in 2018, is 73.1% owned by Glencore, 16.9% by First Quantum Minerals and 10% by Zambia’s mining investment arm ZCCM-IH. Zambia and Swiss-based Glencore are at “cross purposes” over Mopani, Zambian Mines Minister Richard … However, in a memorandum to all employees, Mopani Copper Mine chief services officer Kyansenga Chitoshi announced the appointment of Bullock as the new Mopani Mine chief executive officer, with other changes which include Glencore acting copper department industrial lead Mike Westerman and head – copper assets, Africa Mark Davis. While Grit Consulting is still undertaking the audit exercise across all company operations in new concentrator, environmental, medical, legal and secretarial, Mufulira central mine shaft, general management and executive officers, further recommendations on how to turn around the fortunes of Mopani, would be made to Glencore. According to reuters, global mining company Glencore’s Zambian unit Mopani Copper Mines (MCM) made the announcement in a statement. -. This is ridiculous. Zambia wants to raise its holding after clashing with Glencore earlier this year over the company’s plan to mothball Mopani’s operations. The mines minister told Reuters that the company is seeking to acquire a 51% stake “or even more”. Mopani Copper Mines Plc is a Zambian registered copper mine owned by ZCCM-IH (10%), Glencore Plc (73.1%) and First Quantum Minerals Ltd (16.9%). Zambia has slapped import duties on certain goods that have negatively affected the country’s copper producers. GOVERNMENT should provide the required relief to Mopani Copper Mines (MCM) and other mining companies to save jobs during the COVID-19 period, the unions have demanded. The conflict flared last week when Glencore said it was temporarily closing its giant Mopani mines as they hemorrhaged cash following a collapse in the … The planned closure was criticised by the Zambian government. Mine Workers Union of Zambia (MUZ) President Joseph Chewe confirmed the accident to … Deposit Type Stratabound (SMS) Box 32147 Lusaka, Zambia, Telephone or WhatsApp: +26-097-7708285 +26-095-3424603 +26-096-5815078, Email: diggers [at] diggers [dot] news editor [at] diggers [dot] news. “Following Mopani’s recent announcement regarding the transition of its mining operations to care and … Mining Assets. THE Mine Workers’ Union of Zambia (MUZ) says government’s intention to buy 90 per cent shares in Mopani Copper Mines from Glencore will redeem the mine’s operations. (Kitco News) - Glencore has been locked in a bitter dispute with the other owners of the mine its plan to mothball Mopani’s operations. Dr. J. Harold McClure, New York City, discusses a November 12 OECD case study on Zambia's landmark Supreme Court victory in a transfer pricing dispute involving the Mopani copper mines and notes transfer pricing issues addressed and not addressed in the Court's decision . . Zambia plans to revoke Mopani Copper Mines licences. Would love your thoughts, please comment. Talks as laid out in today’s announcement may include potential improvements that the Zambian government could make to its mining sector’s regulatory environment. This was a reflection of curtailed production levels at some assets as well as various deferrals – such as the delayed commissioning of an acid plant project at Katanga Mining -, lower equivalent US dollar costs due to generally weaker producer currencies, and lower input costs, particularly through oil price changes. Total group copper production was expected to be 1.26 million tons (Mt) for the 2020 financial year down from previous guidance of 1.3Mt and production in 2019 of 1.37Mt. ZCCM-IH currently has 10% of Mopani, with Glencore holding 73.1% and Vancouver-based … Mopani Copper Mines has declared a Force Majeura citing the effects of Covid 19 and the drop of copper prices which declaration was rejected by the Zambian government and sternly warned Mopani that they will face the full force of the law should they go … Bullock is set to join Mopani from BHP Olympic Dam in Australia. April 9, 2020 | Filed under: Breaking News,Business,Latest News | Posted by: Editor 2 3,034 Views Dozens of Mopani Copper Mines workers have this afternoon, marched through Kitwe Town Center to register their displeasure against Glencore’s decision to place the mine under care and maintenance for three months. Glencore last year mothballed its Mutanda assets in the Democratic Republic of Congo (DRC) which guaranteed lower production year-on-year from the division in 2020. The Diggers Correspondent is a versatile writer. However, lots of questions remain as it remains unclear how the cash-strapped government, which last week defaulted on a Eurobond interest payment, would finance any deal. Glencore seeking “way forward” with Zambia over suspension of Mopani Copper Mines. De-Zambianisation at Zambian mines continues afoot. Two miners have died at Mopani Copper mine in Kitwe after a blasting accident this morning. By Ulande Nkomesha, 9th September 2020. Business. Mines Minister Richard Musukwa said at a briefing this morning that Mopani’s majority shareholder, Glencore, had informed him of the decision via a video conference that the decision was caused by falling copper prices and disruptions in international mobility. What about jobs for the locals? Lubambe tables tax changes, concession approvals with under-fire Zambian Govt. Meanwhile Chishimba Kambwili has urged the government to show leadership in the Mopani impasse. During this notice period, it would discuss “potential solutions to its current challenges”  following “constructive discussions” with the Zambian government, the company said. The company is in the process of spending billions of dollars at Mopani to sink new shafts. Said Mopani today: “The health and safety of the workforce and surrounding communities is our top priority. Production from the African Copper division totalled 370,000 tons in Glencore’s 2019 financial year. And the miners have vowed to camp at Central offices until Mopani chief executive officer Nathan Bullock rescinds the decision, further urging government to find another investor to take over from Glencore. The operating, regulatory and macro-economic environments remain very challenging and have continued to place significant pressure on the business. Glencore puts entire stake in Mopani on the table in talks with Zambia. Mopani management on Tuesday placed the Nkana and Mufulira operations under … Mopani Copper, in which Glencore has a 75% stake, drew the anger of the Zambian government last month when it announced plans to mothball production, forecast earlier this year to be 50,000 to 70,000 tons of copper. David McKay. Disclaimer: The views expressed in this article are those of the author and may not reflect those of … And the unions have further demanded that Mopani must quickly recall all workers and contractors that were sent home when the mine was placed on care-and-maintenance a week ago. The group said today the marketing business was on course to deliver within its $2.2bn to $3.2bn long-term earnings guidance range. 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