TODAY is a great day not only for the people of the Copperbelt, but for the entire country.
President Hakainde Hichilema is expected in Kitwe to hand over Mopani Copper Mines to International Resources Holding (IRH).
We believe the arrival of IRH as an equity partner in Mopani Copper Mines marks the beginning of a new chapter for the country in general and the Copperbelt Province in particular.
The Copperbelt has been grappling with economic stagnation since the departure of Glencore from Mopani in 2021 and the liquidation of Konkola Copper Mines (KCM) in 2019.
But the coming of IRH to Mopani holds the promise of reviving the mining sector and breathing new life into the local economy.
The Copperbelt has long been a cornerstone of our economy. The decline of the mining sector in recent years has had ripple effects across the province, leading to job losses and a sense of uncertainty and hopelessness among the local population.
With International Resources Holding stepping in, there is renewed optimism in the future of Mopani Copper Mines, the entire Copperbelt and the country at large.
The creation of 2,000 direct jobs will not only provide much-needed employment opportunities and a source of livelihood for individuals and families, but also contribute to the overall socio-economic development of the region.
In addition, the 1,000 indirect jobs are expected to further bolster the local economy, creating opportunities for businesses and service providers.
The coming of IRH to Mopani and the return of Vedanta to KCM will improve the economic fortunes of the country.
As the Minister of Finance and National Planning Situmbeko Musokotwane recently told Parliament, KCM and Mopani are important catalysts to the New Dawn government’s developmental agenda.
Mr Musokotwane noted that copper production had reduced significantly in 2023 because the two giant mines had been out of production. It is therefore comforting that the new Mopani Copper Mines anticipates increasing copper production from the current 64,000 tonnes to 225,000 tonnes.
The coming of International Resources Holding to Mopani Copper Mines and the return of Vedanta to KCM signals a vote of confidence in the potential of the Zambian mining sector.
It also underscores the attractiveness of Zambia as an investment destination and highlights the Government’s commitment to creating a conducive environment for foreign investment.
What is even more gratifying is that the new owners of the mine are committed to continuity in terms of workforce. The current CEO, Mr Charles Sakanya, along with over 80 percent of his workforce will be retained. This will ensure continuity and stability.
It is further heart-warming that significant progress has been made in settling outstanding payments, with approximately 80 percent of contractors and suppliers already paid, a move that will breathe some life in the local economy.
The shareholding structure of the mine at 51 percent for IRH and 49 percent for the Zambian government highlights a balanced partnership which will ensure mutual benefit for IRH and the Zambian people.
As we welcome IRH to Mopani, we also applaud the Government’s handling of the mining sector since assuming office in August 2021. Their commitment to ensuring that Zambia continues to reap benefits from its copper mines is commendable.
The reduction of Mopani’s debt from US$1.5 billion to US$300 million by the Government, demonstrating a commitment to financial stability and responsible management, is commendable.
As we celebrate this positive development, it is essential to underscore the importance of responsible mining practices and sustainable development. This is why we welcome Government’s commitment to implementing rigorous measures through the Minerals Regulation Commission to address any loopholes or irregularities in the mining industry, and to ensure fair practices and maximising benefits for all stakeholders.
IRH signals new hope for Zambia
TODAY is a great day not only for the people of the Copperbelt, but for the entire country.
President Hakainde Hichilema is expected in Kitwe to hand over Mopani Copper Mines to International Resources Holding (IRH).
We believe the arrival of IRH as an equity partner in Mopani Copper Mines marks the beginning of a new chapter for the country in general and the Copperbelt Province in particular.
The Copperbelt has been grappling with economic stagnation since the departure of Glencore from Mopani in 2021 and the liquidation of Konkola Copper Mines (KCM) in 2019.
But the coming of IRH to Mopani holds the promise of reviving the mining sector and breathing new life into the local economy.
The Copperbelt has long been a cornerstone of our economy. The decline of the mining sector in recent years has had ripple effects across the province, leading to job losses and a sense of uncertainty and hopelessness among the local population.
With International Resources Holding stepping in, there is renewed optimism in the future of Mopani Copper Mines, the entire Copperbelt and the country at large.
The creation of 2,000 direct jobs will not only provide much-needed employment opportunities and a source of livelihood for individuals and families, but also contribute to the overall socio-economic development of the region.
In addition, the 1,000 indirect jobs are expected to further bolster the local economy, creating opportunities for businesses and service providers.
The coming of IRH to Mopani and the return of Vedanta to KCM will improve the economic fortunes of the country.
As the Minister of Finance and National Planning Situmbeko Musokotwane recently told Parliament, KCM and Mopani are important catalysts to the New Dawn government’s developmental agenda.
Mr Musokotwane noted that copper production had reduced significantly in 2023 because the two giant mines had been out of production. It is therefore comforting that the new Mopani Copper Mines anticipates increasing copper production from the current 64,000 tonnes to 225,000 tonnes.
The coming of International Resources Holding to Mopani Copper Mines and the return of Vedanta to KCM signals a vote of confidence in the potential of the Zambian mining sector.
It also underscores the attractiveness of Zambia as an investment destination and highlights the Government’s commitment to creating a conducive environment for foreign investment.
What is even more gratifying is that the new owners of the mine are committed to continuity in terms of workforce. The current CEO, Mr Charles Sakanya, along with over 80 percent of his workforce will be retained. This will ensure continuity and stability.
It is further heart-warming that significant progress has been made in settling outstanding payments, with approximately 80 percent of contractors and suppliers already paid, a move that will breathe some life in the local economy.
The shareholding structure of the mine at 51 percent for IRH and 49 percent for the Zambian government highlights a balanced partnership which will ensure mutual benefit for IRH and the Zambian people.
As we welcome IRH to Mopani, we also applaud the Government’s handling of the mining sector since assuming office in August 2021. Their commitment to ensuring that Zambia continues to reap benefits from its copper mines is commendable.
The reduction of Mopani’s debt from US$1.5 billion to US$300 million by the Government, demonstrating a commitment to financial stability and responsible management, is commendable.
As we celebrate this positive development, it is essential to underscore the importance of responsible mining practices and sustainable development. This is why we welcome Government’s commitment to implementing rigorous measures through the Minerals Regulation Commission to address any loopholes or irregularities in the mining industry, and to ensure fair practices and maximising benefits for all stakeholders.