• ZCCM-IH has capacity to efficiently operate Mopani Copper Mines.
• Zambians must be confident in taking up more challenging assignments.
• Payment of US$1.5 billion transaction debt by Mopani to Glencore, is the mine’s burden.

Industrial Development Corporation (IDC) says ZCCM-IH has the capacity to efficiently operate Mopani Copper Mines.
Corporation Chief Executive Officer Mateyo Kaluba noted that Mopani’s Board of Directors and Management are competent enough to professionally run the newly acquired mine.
Mr. Kaluba reiterated that the acquisition of Mopani Copper Mine by ZCCM-IH is consistent with the direction the mining conglomerate is taking to have more control of mining interests in the country.
He added that as ZCCM-IH’s holding company, the IDC is involved through an extensive consultation process to give the necessary guidance and approvals.
Mr. Kaluba urged Zambians to be confident in taking up more challenging assignments, as government has created an enabling environment where companies such as ZCCM-IH and IDC are able to be more assertive in taking control of national assets.
“In terms of our confidence that the mine will be professionally run, we have no doubt. The IDC, as ZCCM-IH’s holding company, is involved through an extensive consultation process to give the necessary guidance and approvals,” Mr Kaluba said.
Meanwhile, Mr. Kaluba said payment of the US$1.5 billion transaction debt by Mopani to Glencore, is the mining firm’s burden and not government.
He added that the mine’s debt as a result of this transaction has no impact on the country’s sovereign debt.
“The deal is structured in such a way that Glencore would be the off taker of Mopani’s copper and that a 10% portion of the proceeds would go towards debt repayment. The debt will be fully paid over the next 10-17 years depending on the mine’s production capacity and fluctuations of the copper prices,” he stated.
Government, through ZCCM-IH has taken over 100 percent shareholding in Mopani Copper Mines in a US$1.5 billion deal, after the transfer of 90 percent shares from Carlisa.

The 90 percent were previously owned by Carlisa Investments Corporation representing Glencore with 73.1% and First Quantum Minerals with 16.9%.