mopani copper mines latest news

According to reuters, global mining company Glencore’s Zambian unit Mopani Copper Mines (MCM) made the announcement in … Mulenga said the fatal accident was caused by a loader which is alleged to have caught fire. According to ZCCM-IH first cautionary announcement issued on September 4, 2020, the holding company has commenced discussions with Glencore Finance (Bermuda) Limited regarding the future of Mopani Copper Mines Plc. It then emerged in an article by Reuters that the two sides were in discussions Zambia buying a larger stake. 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 may sell its entire 73.1% stake in Zambia’s Mopani Copper Mines to the government, said Reuters citing two sources with direct knowledge of the matter. 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%). When Mopani Copper Mines commenced operations in 2000, the region’s malaria control activities had completely come to a halt, and the disease’s incidence rate had risen to 216 people in a population of 1000. The DRC reneged on taxation stability clauses too after about 20 years. The company operates an employment policy of “meritocracy – aiming to employ the right people with the right skill, irrespective of race, gender or creed. The Zambian government seeks to block Glencore PLC's attempt to close its Mopani Copper Mines PLC operation and dismiss 11,000 workers, with Mines Minister Richard Musukwa saying the plan is against the law and unjustified despite coronavirus-related disruptions, Reuters reported. In a bid to empower small-scale miners, Mopani Copper Mine has given a sum of K1.7 million to small-scale miners. Zambia and Glencore are at “cross purposes” over Mopani, Musukwa said on Tuesday when he announced ZCCM-IH aims to increase its shareholding in Mopani to 51% “… or even more”, from 10% currently. Mopani Copper Mines has not been consistent on this issue since the new management came in.” Kambwili asked the government to be aggressive on the matter. Three miners have died at Mopani Copper Mines in Kitwe following an accident caused by fire underground at Mindola North Shaft. Tragically, the lives of three employees were lost after a loader caught fire,” he stated. Mineworkers Union of Zambia (MUZ) president Joseph Chewe has confirmed the development in an interview. Glencore still expected to produce about 270,000 tons from its Katanga Copper Mines this year, the other constituent of its African Copper division. Mopani Copper Mines Plc is a Zambian registered copper mine owned by ZCCM-IH (10%), Glencore Plc (73.1%) & First Quantum Minerals Ltd (16.9%). The Mopani mines are on the outskirts of Kitwe, a city about 180 miles north of Zambia’s capital, Lusaka. By Michael Kaluba . Minority shareholders are spread throughout the world, in various locations. Mopani Copper Mines has also sent all workers and terminated employment for those on contracts. In 2018, we paid more than USD84 milion in taxes, royalties and other payments to government. The buyer would be ZCCM-IH, Zambia’s state-owned mining company which has a stake in Mopani along with First Quantum Minerals, the Canadian miner. ‘’The money is aimed at empowering small-scale miners to be able to “As of now, we are discussing a potential sale of their stake in Mopani,” said one of the sources. Recently, Glencore declared force majeure at its Mopani Copper Mines (MCM) subsidiary in Zambia. “It is with deep regret that Mopani Copper Mines Plc confirms an incident of a fatal underground fire at Mindola North Shaft in Kitwe on Thursday, 7 February, 2019 at 13.45 hours. A Glencore spokesman declined to comment. Mopani produced 51,275 tons of finished copper in 2019 including purchased materials – accounting for 13.9% of Glencore’s African copper output and 3.7% of its overall copper output, said Reuters. Zambia expects to conclude talks over buying Glencore Plc ’s stake in Mopani Copper Mines Plc within a month, according to Barnaby Mulenga, permanent secretary in the Ministry of … Mopani Copper Mines PLC ("Mopani") is a Zambian registered company owned by Carlisa Investments Corporation (a joint venture company comprising Glencore International AG (73.1%) and First Quantum Minerals Ltd (16.9%)) and ZCCM-IH (10%). Mine workers in one of the Zambian Mines on the Copper belt Two miners have died at Mopani Copper mine in Kitwe after a blasting accident this morning. ZCCM-IH currently has 10% of Mopani, with Glencore holding 73.1% and Vancouver … Glencore wrote off the value of Mopani by $1.14bn in its half-year earnings report earlier this month, saying the estimated recoverable value was $704m, including tax receivables. The mines have been troublesome for Glencore, but … 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. TOP NEWS. Zambia to block Glencore's plan to close Mopani Copper Mines – Reuters. It seems the only investment strategy is to get in early after the changes are introduced and hope you get at least twenty years – like into Angola or Nigeria now. Mopani has shut its mines in Kitwe and Mufulira and placed them under “Care and Maintenance”. The PF government last evening detained Mopani Copper Mine CEO as he tried to leave the country . Zambia Sees Deal With Glencore Over Mopani Within a Month November 17, 2020 14:02 December 9, … Mopani is committed to establishing a winning team and a copper and cobalt business it can be proud of. These small-scale farmers were caught hunting for minerals in South Ore Body sinkhole in Wusakile consistency that had been buried for safety reasons. Tragically, the lives of three employees were lost after a loader caught fire,” he stated. Vedanta founder Agarwal takes grip over Gamsberg saying firm committed to expansion, Miners withhold $2bn in expansion capital from Zambia owing to double taxation ‘regime’, Afritin banking on interruption-free ramp-up at Uis, and tin price playing ball, Orion Minerals issues shares to pay for resumption of Northern Cape exploration, Ramaphosa economic recovery plan light on private sector foreign investment, Glencore in talks to sell nickel to carmakers, says CEO Ivan Glasenberg, Sibanye-Stillwater says “downstream exposure” will be part of battery metals deal. Z ambia expects to conclude talks over buying Glencore Plc’s stake in Mopani Copper Mines Plc within a month, according to Barnaby Mulenga, permanent secretary in the Ministry of Mines.. Mulenga declined to disclose the size of the stake that state-owned ZCCM Investments Holdings is trying to acquire. Nathan... A PRINCIPAL at a private school in Lusaka’s Kanyama township has allegedly raped his 34-year-old female teacher whom he later offered K500 to stop... Mass screening and Testing is underway in Lusaka’s Emmasdale and Chaisa Township which are considered high risk areas for COVID-19. Mulenga has further disclosed that Mopani Copper Mines has since suspended operations at Mindola North Shaft until further notice. February, 2019 at 13.45 hours. An industry is destroyed and on its knees by war or expropriation. “Nothing has been happening at Mopani since the new management came in. We have invested more than $1 billion in the Mopani mine since 2014 – extending its life by a further 25 to 30 years. “Mopani Copper Mines Plc is working closely with the Mines Safety Department (MSD), Zambia Police Service and other relevant authorities during this operation,” Mulenga said. He said the sinkhole is a two-hectare caving area within Mopani Copper Mines Plc’s mining rights area and was a safety hazard to the informal miners invading it. Search all the latest Mopani jobs in limpopo. Enter your email address to subscribe to Zambia News 24 and receive notifications of Latest News via email. Lubambe tables tax changes, concession approvals with under-fire Zambian Govt. “Mopani Copper Mines Plc is pleased to announce the appointment of the new Chief Executive Officer, Mr Nathan Bullock, who joins the company from BHP Olympic Dam Mine in Australia. “Nathan has subsequently been released,” Glencore said in […] Enter your email address to subscribe to our website and receive notifications of Latest Zambia News via email. A government is then persuaded that it has nothing to lose, so outside investors are invited in – twenty years later the politicans have forgotten about the disaster the industry was or the promises made to investors. February 27, 2014 News Comments Off on Mopani Copper Mines copper output rises 12 percent, says report Glencore Xstrata increased its copper outturn by more than 12 percent at its Mopani Copper Mines in Zambia last year compared to a year earlier, as expansion bolstered by investment in the local unit rose; company says. The possibility of a sale developed after Glencore attempted to put Mopani into mothballs citing constrained operating circumstances in Zambia which were compounding the effects of a low copper price. Two miners have died in a fatal mine accident at Mopani Copper Mines South Ore Body shaft 3010ML in Kitwe. He stated that Mopani Copper Mines Plc is working closely with the Mine Safety Department and other relevant authorities to inform the next of kin of the deceased employees and to investigate the tragic accident. Last week, Zambia intended to revoke the mining licenses of MCM, as the firm did not give sufficient notice before suspending its mining operations due to the coronavirus Covid-19 crisis. Glencore said Nathan Bullock, the chief executive of Mopani Copper Mines, had been held at Lusaka airport in connection with its decision to shutter the business for three months. Zambia intends to revoke the mining licenses of Mopani Copper Mines (MCM), a subsidiary of Glencore, as the firm did not give sufficient notice before suspending its mining operations due to the coronavirus Covid-19 crisis. Mopani… According to the Zambia Mining Cadastre Portal Mopani Copper Mines licence number 7625-HQ-LML for it’s Nkana business unit was issued in 2005 and was expected to expire on March 30, 2025, while the Mopani Copper Mine licence number 7073-HQ-LML operating from Mufulira was issued on March 31, 2000 with a 25 year lifespan. (Kitco News) - Glencore has been locked in a bitter dispute with the other owners of the mine its plan to mothball Mopani’s operations. Mopani devised a strategy to revitalise the control activities, face the malaria challenge head-on, and gradually stamp out the disease. This is happening in Zambia, it has happened in Tanzania and even in SA, the government has forgotten the promises it made when the MPRDA was negotiated between 2000 and 2002 – like that BEE ownership requirements would be 26% and no more. Glencore guided to production of between 50,000 to 70,000 tons of copper from Mopani Copper in the 2020 financial year. Take ownership for driving your own career development by participating in ongoing training and development activities such as conferences, workshops, etc. Mopani Copper Mines has informed all its contractors and suppliers that the mine will only offer a one month contract to each, pending the outcome of the appeal processes against government’s latest rejection of the firm’s proposal to place its mining … “It is with deep regret that Mopani Copper Mines Plc confirms an incident of a fatal underground fire at Mindola North Shaft in Kitwe on Thursday, 7. Zambia’s Minister of Health Chitalu Chilufya has tested Positive to Covid-19 as the country recorded 137 new cases, from the 4,264 tests done in... A POLICE reservist of Kabangwe police post who was reported missing has been found dead. Copper mining company Mopani Copper Mines plc said on Tuesday that it had placed its mining operations on care and maintenance and a number of projects on hold. A copper mine in Zambia is set to shut down on Wednesday due to disruption brought on by the coronavirus pandemic, reports Reuters news agency. 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 … Mopani’s total liabilities exceeded its total assets by $2.56bn in 2019, the company reported in a financial statement, indicating “… a material uncertainty in relation to the going concern assumption”. Mining Assets. Mr Bullock takes over from Mr Chris Vermeulen, who left Mopani Copper Mines Plc in July 2019. Glencore’s decision to halt production at Mopani adds to a list of copper mines that are either operating at reduced capacity or have been taken offline. However, the government refused to grant permission. ... Latest News. The Human Rights Commission has said that it is concerned with the increasing number of health workers testing positive for Coronavirus. Zambia, Tanzania, SA are uninvestable – however the DRC is just too rich in copper and cobalt to ignore. Mopani produced 51,275 tons of finished copper in 2019 including purchased materials – accounting for 13.9% of Glencore’s African copper output and 3.7% of its overall copper output… Glencore in discussions for outright sale of Mopani stake to Zambian Govt, Kenmare says capital cost overrun on $106m plant relocation to increase…, Northam Platinum extends Zambezi Platinum stake to 70%, buying R3.5bn shares, Bring back progressive dividends to trigger mining stock re-rating, says Capital…, Resolute Mining identifies four-year, 80,000 oz/year Syama extension at Tabakoroni, Mali political ructions part of solution, not the problem, says Resolute Mining MD, AngloGold exits Mali after agreeing sale with Barrick of Morila for up to $27m, Anglo to explore for base metals in SA but wants Govt to consider “legislative adjustments”. Mining Licensing Committee secretary Michael Chibonga sent a notice dated 14 April to Mopani chief executive Nathan Bullock. The body has been discovered in 15 Miles area. And since we acquired Mopani in 2000, our investments total more than $4.4bn. Deposit Type Stratabound (SMS) It has also advised its contractors to wind up affairs and return to Panama and Chile. 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. A manager addresses workers at Mopani Copper Mines Glencore Plc, a British–Swiss multinational commodity trading and mining company, is massively restructuring its Zambian subsidiary, Mopani Copper Mines Plc, with the termination of acting chief executive officer … Glencore Finance is the major shareholder of Carlisa Investments Corporation, which in-turn, is the majority shareholder of Mopani. It is beginning to look like the Resource Nationalism cycle is about twenty years. The two sides briefly fell out in public after mines minister, Richard Musukwa, threatened to suspend Mopani’s mining licence unless it kept the mine open. HRC Spokesperson Mweelwa Muleya... Tragedy as 3 Mopani Copper miners die in underground fire, I want sex not bible verses, Pastor’s wife cries out after being denied sex for 7 years, Former Anti-Corruption Commission director Agness Ngandu elected to AU Advisory Board on Corruption, Health Minister Chitalu Chilufya tests positive for coronavirus as Zambia COVID-19 cases reach 1057, Missing Kabangwe police officer Nathan Mhango, found dead, Lusaka private school head rapes teacher, tries bribing her with R500, Mass covid-19 screening and testing underway in Lusaka, Shock as 3 Zambian nurses and a doctor contract coronavirus from hospital patients. Mopani Copper Mines Public Relations manager Nerbert Mulenga, who confirmed the development, said the incident happened yesterday around 13:45 hours. Career development by participating in ongoing training and development activities such as conferences, workshops, etc expected to about. 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