Ministry Of Mines Paul Kabuswe Commends New Investor At Mopani Copper Mines
The Ministry of Mines and Minerals Development has expressed gratitude to the new investor, International Resources Holding (IRH) for the commitment to Mopani Copper Mines.
Minister of Mines and Minerals Development, Paul Kabuswe says the Government and the new investor are working in partnership to revitalize Mopani copper mines.
Speaking during a press briefing held at the Ministry , Mr Kabuswe said significant investments have been made in Mopani Copper Mines and the deal has significantly benefited Zambia with a fair shareholding structure now in place.
And Mr Kabuswe has noted that criticism from certain politicians lack substance and aims at undermining progress and has since urged the constructors and its workers to focus on constructive criticism to support efforts in developing the nation.
Meanwhile, Mr Kabuswe has disclosed that the Ministry of Mines has coordinated with other ministries such as Labor and Commerce to ensure alignment in its effort to support the mining sector and its stakeholders.
Mr Kabuswe added that recent negotiations between the union and Mopani management regarding workers’ conditions are ongoing.
President Hakainde Hichilema officially unveiled International Resources Holding, the new strategic equity partner for Mopani Copper Mines last month.
This revitalization promises to not only invigorate Kitwe but also uplift livelihoods across the Copperbelt and beyond.
“In partnership with International Resource Holdings (IRH) from Abu Dhabi, we are embracing a new era for Mopani Copper Mines. This moment, long awaited by our citizens, is not just a handover but a meticulously negotiated partnership that represents mutual respect and equitable benefits,” had said President Hakainde Hichilema during the unveiling ceremony in Kitwe.
President Hichilema emphasized the importance of Mopani as a crucial asset for Zambia’s economic prosperity. He stressed, “Mopani should not be viewed as a burden but rather as a beacon of growth and opportunity.” This sentiment was echoed by various stakeholders, including local leaders and mining union representatives.
The $1.1 billion investment from IRH marked a significant milestone, being the first substantial investment from the UAE in Zambia, with more expected in green energy and other sectors.
To support local suppliers, Mopani initiated a Supplier Development Program aimed at bolstering the capacity of Zambian suppliers by providing access to capital and business development services.
Moreover, the significant reduction of Mopani’s debt from $1.5 billion to $576 million under the UPND administration underscores a commitment to financial stability and responsible management. Mines Minister Paul Kabuswe affirmed, “The challenges plaguing the mining sector are now being addressed, marking a positive turnaround for the country.”
“The partnership with IRH has been met with widespread optimism and support from various stakeholders,” noted Ali Rashid, CEO of IHR. He expressed excitement about the opportunities ahead at Mopani, emphasizing the positive impact the partnership will have on the local economy.
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