Mopani Copper Mines says it is on course to commission its $323 million deep mine copper project by the second quarter of 2015.
Mopani, owned by Glencore Xstrata PLC said the commencement of production is part of the mine’s expansion drive in Zambia to boost production.
It said in a statement that the deep shaft has reached a depth of 1,000 meters and there is only another 277 meters to go to reach the final depth.
The shaft will enable the mining firm to access to some 115 million metric tons of mineral ores.
Mopani said its Synclinorium Shaft is designed to extend the lifespan of its Nkana copper mine in Kitwe by 25 to 30 years and safeguard up to 3,000 jobs.
In addition to the Synclinorium Shaft, Glencore is upgrading its cobalt plant in Zambia to enable it to more than double its current production capacity to 7,000 tons from 2,800 tons by 2015.
Mopani Chief Executive Officer Danny Callow said he is encouraged that the project is on target both in terms of time and budget.
Mr Callow said he has no doubt that the team will ensure that the remaining part is delivered both on time and within budget come the second quarter of 2015.
great news for coy profits,wish we had a gvt to look into the welfare of mines en the environment. but hell Zambia for business men.
The smart people of the Zambian Enterprise need to have their stake increased by using smart buy-back methods through ZCCM-IH. The ZCCM-IH holds a 20% in almost all major mining companies operating within our Enterprise.
ZCCM-IH earnings currently account for 30% of funds in the national treasury with an estimated 10% contribution to the entire national GDP. ZCCM-IH needs to start buying up more shares in these holding companies from our proceeds.
This is an indirect way to increase our stake. For instance, Glencore Xstrata, PLC is the 4th largest commodities trader in the world and is traded on the LSE as GLEN with a dual listing in Hong Kong worth over $63 billion.
ZCCM-IH would buy more shares at the LSE and increase clout for the smart people of the Zambian Enterprise.
For instance, Konkola north mine which is jointly owned by African Rainbow of South Africa and Vale of Brazil has an estimated ore reserve of 246 million tonnes at a grade of 2.26% copper giving a total value of copper of 5.6 million tonnes.
The two companies, Africa Rainbow and Vale hold 80% shares in the mine with the remaining 20% shares held by ZCCM-IH. Africa Rainbow is owned by African billion, Patrice Tlhopane Motsepe worth about $2.4 billion (Fortune 2013).
African Rainbow is listed on the JSE (Johannesburg Stock Exchange) and by using our proceeds we can increase our stake indirectly by buying more shares using ZCCM-IH thereby giving the smart people of the Zambian Enterprise more clout in our own resources.
Another example is First Quantum Minerals Limited which is also owned 20% by the smart people of the Zambian Enterprise through ZCCM-IH is the largest Copper producer in Africa.
First Quantum’s common shares are listed for trading on the Toronto Stock Exchange in Canada (symbol “FM”), and the London Stock Exchange (symbol “FQM”) in the United Kingdom.
ZCCM-IH is an investments holdings company which is listed on the Lusaka Stock Exchange (LuSE), the London Stock Exchange (LSE) and on Euronext in Paris. By 1997 ZCCM was the largest conglomerate in the world, trading at the New York Stock Exchange.
ZCCM-IH’s total asset holdings in all mining entities supersedes the total of them all on aggregate basis and with our listings on LSE, Euronext, etc. we can indirectly increase…
ZCCM-IH’s total asset holdings in all mining entities supersedes the total of them all on aggregate basis and with our listings on LSE, Euronext, etc. we can indirectly increase our clout, influence decisions on all of these mining companies’ board and accrue more benefits to the smart people of the Zambian Enterprise.
ZCCM FAILED TO EXPLOIT ALL THESE RESERVES FOR THE BENEFIT OF ZAMBIANS.
WE ZAMBIANS SHOULD BE ASHAMED OF OURSELVES.
ZCCM BOSSES WERE BUSY ENRICHING THEMSELVES.
We definitely need to increase our stakes in our minerals. Knowledge about the stock exchange is important and must be incorporated in high school for the benefit of the Zambian societies.
Excellent suggestions and precise information.Also,ZCCM-IH as an investment resource company should look at owning it’s own geological properties and metal refining such as precious metal and base metal refining.They can also venture into manufacturing companies such as,electrical cables manufacture,micro-chip manufacature,manufacuture of aircraft metal components,manufacture of watches,manufacture of paints and manufacture of high temperature resistant materials.ZCCM-IH,contact me for more info on my plans!
Tonga you can use the word manufacture once then list the other items. chizunga Aisha ino which schools did you attend. Please dont say you were at chicken cutter.
Slow down. It is only in Zambia where you guys consider correct English language to perfect ideas. Ciza uli?
I have been involved in gold ,manganese mining in SA for 47years ,spent a year on a copper mine in the DRC .
I have got high speed or multi-blast dev. experience that not many other people have.
I was involved in developing railway tunnels in Kwazulu Natal ,
I did a Majour section of the Orange fish water tunnel ,both of these I gad to do the concrete lining as we’ll .
I am in very good health even at 74 years young .
I would like to share my experience in Africa .
Best regards ,Nic Fourie .
ZCCM FAILED TO EXPLOIT ALL THESE RESERVES FOR THE BENEFIT OF ZAMBIANS.
WE ZAMBIANS SHOULD BE ASHAMED OF OURSELVES.
ZCCM BOSSES WERE BUSY ENRICHING THEMSELVES.
i;m ablaster and full minner obout andergruond mining. i hop to work hard as ican. thank you for your andivance. your,s minner p.rundah.
please call me for this no,+255769894838 or this no, +255784548696. thank you for your andivance. yours minner p.rundah from mbeya region tanzania po.box 3 namlonga p!s chool mbozi mbeya tanzania.