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Zambia's copper production hit record high in 2020, mines minister says

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Richard Musukwa , Mines Minister Richard Musukwa ,

Zambia achieves record high copper production in 2020, minister says

Zambia achieves record high copper production in 2020, minister says
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Zambia seeks investors to help fund Mopani after buying Glencore stake

By Reuters Staff
1 Min Read
LONDON, Jan 19 (Reuters) - Zambia hopes to attract investors to help fund mining and the expansion of Mopani Copper Mines, the mines minister said, as the cash-strapped country announced it was buying the rest of Glencore’s stake in the operation.
The state mining investment arm ZCCM-IH would make sure that operations are sustained and that new and fresh capital is injected into the mining operation, Richard Musukwa said. (Reporting by Chris Mfula, Writing by Zandi Shabalala, editing by Louise Heavens) ....

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Zambia : Taking Over of Mopani Copper Mine By ZCCM-IH: Is this Deal Worthwhile?

By Webby Banda
On 19th January 2021, Minister of Mines Richard Musukwa announced the Government’s strategic step to own 100 percent shares in Mopani Copper Mine through the state mining investment arm, ZCCM-IH. Before this development, the ownership structure of the mine initially constituted 90 percent shares owned by Carlisa investment and 10 percent owned by ZCCM-IH. Technical information of this deal seems to be masked with the Government having a monopoly of information. However, clear statements on this deal are those coming from the Minister’s speech and other sources regarding the interest and principal payment of the transaction debt ($1.5 billion).
From the Ministers speech, the three main features of the transaction are (taken as verbatim): ....

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Zambia : Zambia's response to its debt hole is to keep digging

Zambia mortgages the future by taking over Glencore copper debt
State-owned Zambia Consolidated Copper Mines Limited (ZCCM) this week agreed to take on $1.5bn of debt and pay a nominal $1 to take over a 73% stake in Mopani Copper Mines from Swiss commodities trader and mining company Glencore.
The agreement adds to the debt liabilities of a country that in November became the first African country to default during the COVID-19 pandemic. ZCCM will repay the loan by giving Glencore creditors 3% of Mopani’s revenue to 2023, which then rises to between 10% and 17.5%.
That’s on top of quarterly interest of LIBOR plus 3%, and a requirement for ZCCM to pay 33.3% of earnings before interest, taxes, depreciation and amortization (EBITDA), less some deductions. ....

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