Commenting in its production report, Glencore also said it would cut capital expenditure initially estimated at $5.5bn for the year by between $1bn to $1.5bn in order to weather the impact of COVID-19 which had also seen reductions in production across the group’s industrial assets. By. Mopani Copper Mines Plc held a number of meetings with Government Ministries on 6 April 2020 in which it provided an update of its comprehensive operational review. Zambia has slapped import duties on certain goods that have negatively affected the country’s copper producers. During this notice period, it would discuss “potential solutions to its current challenges” following “constructive discussions” with … 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. Mopani Copper. 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. Zambia and Swiss-based Glencore are at “cross purposes” over Mopani, Zambian Mines Minister Richard … Meanwhile Chishimba Kambwili has urged the government to show leadership in the Mopani impasse. The group said today the marketing business was on course to deliver within its $2.2bn to $3.2bn long-term earnings guidance range. 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. Highly-placed sources close to Glencore and Grit Consulting said Chiwele, whose substantive position was chief financial officer, will hand over the position to the incoming chief executive officer Nathan Bullock, an Australian national, who had been appointed by Glencore. G lencore will likely sell its entire 73.1% stake in Zambia’s Mopani Copper Mines to the government’s mining investment arm ZCCM-IH rather than becoming a minority stakeholder, two sources with direct knowledge said. The exercise started in April this year and expected to run up to the end of the year. “The Q1 production figures were fine, with production in key copper, coal and zinc divisions tracking at 26%, 27% and 26% vs our estimates, which include at least one month of shutdown across all operations,” said Barclays in a report. 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. The sources explained that more appointments would be made during this month. Latest News. 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 . A manager addresses workers at Mopani Copper Mines, Shooters protected by the State, matter closed, Don’t be quick to judge PF, we’ve all done something wrong – Tilyenji. The Diggers Correspondent is a versatile writer. “Mopani Copper Mines Plc held a number of meetings with Government Ministries on 6 April 2020 in which it provided an update of its comprehensive operational review. GLENCORE was in discussions with the Zambian government regarding plans to place the firm’s Mopani Copper Mines on care and maintenance. Glencore’s marketing activities, however, tend to benefit during periods of heightened volatility. Zambia wants to raise its holding after clashing with Glencore earlier this year over the company’s plan to mothball Mopani’s operations. Some 11,000 employees would be affected by a possible closure, although Glencore said as per Mopani Copper’s original mothballing plan that employees would continue to be paid and receive staff benefits. What about jobs for the locals? 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. 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. Mopani allegedly did not give sufficient notice to the government before the mines … 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. As part of the transformation exercise, Glencore scrapped positions of chief officers in strategic departments and appointed general managers in the ongoing restructuring programme. David McKay. Mopani will engage with its employees, relevant contractors and local communities regarding the restart of operations”. . 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 John Chiwele’s employment contract. According to reuters, global mining company Glencore’s Zambian unit Mopani Copper Mines (MCM) made the announcement in a statement. What type of news do you like reading the most? The operating, regulatory and macro-economic environments remain very challenging and have continued to place significant pressure on the business. A press query emailed to Mopani corporate affairs seeking confirmation of the turn of events, through Public Relations Manager Nebert Mulenga last Tuesday remained unanswered by press time. 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 … 8 months ago editor ... Mopani copper mines was last week placed under care and maintenance by its parent company Glencore despite government’s intervention and in the process sending over 15000 workers under direct employment and under several contractors on forced leave. Mopani Mine to lay off 600 workers Over 600 Mopani Copper Mines employees will be laid off next month following the announcement by the mining company to cease operations at Mindola North Shaft and Central Shaft. 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(Kitco News) - Glencore has been locked in a bitter dispute with the other owners of the mine its plan to mothball Mopani’s operations. “The ministry is not aware of any event that has happened that is beyond the reasonable control of Mopani Copper Mines and which makes mining impossible,” he said in a statement. % and 26% vs our estimates, which include at least one month of shutdown across all operations,” said Barclays in a report. Glencore's stake in Mopani is worth $514.6 million, according to its own valuation. During this notice period, it would discuss “potential solutions to its current challenges”  following “constructive discussions” with the Zambian government, the company said. 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. Lubambe tables tax changes, concession approvals with under-fire Zambian Govt. Zambia plans to revoke Mopani Copper Mines licences. “There is no material change to our 2020 EBITDA forecasts following 1Q production report, with lower guided volumes fully offset by lower unit costs,” said UBS in a report on Glencore’s first production report. Mines minister, Richard Musukwa threatened to have Mopani Copper’s mining licence suspended, adding that the move was unjustifiable and illegal. In an interview, MUZ president Joseph Chewe hailed … A major hurdle to clinching the deal is Zambia's lack of funds to pay for the stake and fund the mine's running costs, sources say. Disclaimer: The views expressed in this article are those of the author and may not reflect those of … 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. Chiwele started acting as Mopani Mine chief executive officer in July, this year, after the departure of Chirs Vermuelen, who took over the responsibility following the deportation of Johan Jansen. The planned closure was criticised by the Zambian government. Mopani management on Tuesday placed the Nkana and Mufulira operations under … Mine Workers Union of Zambia (MUZ) President Joseph Chewe confirmed the accident to … Lus/9812/649-MC8 off Alex Chola Road Nyumba Yanga P.O. Mufulira smelter, Mopani Copper Mines. In the interim, Chiwele will continue carrying out the role of acting chief executive officer until Bullock takes over the top post this month. “Following Mopani’s recent announcement regarding the transition of its mining operations to care and … Glencore said that the onset of the COVID-19 virus, and subsequent decline in the copper price, had created one too many problems for Mopani to sustain. The senior managers who have so far been appointed are former Mopani chief processing officer for Nkana and Mufulira, Francis De-Peer, who becomes general manager – Smelter and Refinery as former chief mining officer for Nkana and Mufulira and Frans Smith who has been appointed general manager – Mining and Concentrator at Mufulira. Two miners have died at Mopani Copper mine in Kitwe after a blasting accident this morning. MOPANI Copper Mines says the decision to put the mine on care and maintenance starting tomorrow April 8, is as a result of the critical disruptions to international mobility, transportation and supply chains arising from COVID-19.. 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 John Chiwele’s employment contract. Sources said the ongoing audit exercise by Grit Consulting, commissioned by Glencore, was influenced by fatalities at Mopani’s Nkana and Mufulira operations at the beginning of this year. Glencore seeking “way forward” with Zambia over suspension of Mopani Copper Mines. Reporting by Chris Mfula; Writing by Helen Reid; Editing by Olivia Kumwenda-Mtambo and David Clarke. 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. Once fully up and running, the mines should produce about 140,000 tons of copper a … Mopani Copper Mines acting Chief Executive Officer Charles Sakanya said “Since the last update in which we announced that the company had recorded 7 positive cases of COVID-19, a … Westerman, who is overseeing the operations of Mopani as executive director, will also hand over to Bullock at the end of this month. 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. Production from the African Copper division totalled 370,000 tons in Glencore’s 2019 financial year. MOPANI Copper Mines is to restart mining, and provide a 90-day notice period of its intention to place the operations on care and maintenance, the company said in a statement today. Would love your thoughts, please comment. Glencore said in an update on April 30 that production from its African Copper assets would be about 280,000 tons for the year compared to previous guidance of 325,000 tons – a decline of about 14%. 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%). By Ulande Nkomesha, 9th September 2020. Business. 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. Chiwele would, however, remain within Mopani but as a director on the Mopani board of directors. Colin Farr from Australia comes to Zambia as general manager – Mining and Concentrator at Nkana, while former chief officer for productivity improvement, Barry Hodgkinson is the general manager – Business Transformation. Last April, MCM announced resumption of operations at two of its projects following an investigation into the deaths of five workers earlier last year. Zambia’s mining investment company ZCCM-IH is looking to buy a controlling stake in Mopani Copper Mines, a subsidiary of Glencore. April 14, 2020. Glencore engaged Grit Consulting of Australia, a change management consulting firm, to undertake a thorough Mopani mine-wide audit and help transform performance that will bring back the mining company’s profitability. Zambia Sees Deal With Glencore Over Mopani Within a Month November 17, 2020 14:02 December 9, 2020. Mining Assets. Glencore puts entire stake in Mopani on the table in talks with Zambia. De-Zambianisation at Zambian mines continues afoot. The company is in the process of spending billions of dollars at Mopani to sink new shafts. Glencore’s Mopani Copper to restart mining as Zambia opens door on “solutions... “The Q1 production figures were fine, with production in key copper, coal and zinc divisions tracking at 26%, 27. Said Mopani today: “The health and safety of the workforce and surrounding communities is our top priority.

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