– – Kabuswe describes IRH deal as an exciting legal transaction
CHAMBWA MOONGA
Lusaka
MINISTER of Mines and Minerals Development Paul Kabuswe says International Resources Holding (IRH) has so far pumped US$210 million cash into Mopani Copper Mines while Glencore has been paid US$400 million cash.
The Abu Dhabi firm recently completed a US$1.1 billion transaction to secure a 51 percent stake in Mopani with ZCCM-IH retaining the remaining 49 percent.
Mr Kabuswe said during a media briefing yesterday that when IRH came into Mopani, the first thing it did, even before the final documents were signed, was to release US$80 million to clear suppliers and contractors.
“Another $50 million was brought. Up to now, $210 million has come into Mopani as cash,” he said.
“Apart from the $210 million that has come into Mopani, Glencore has been paid around $400 million cash from IRH, and not from the money generated within Mopani.”…https://enews.daily-mail.co.zm/welcome/home
