Mopani Copper Mines, a cornerstone of Zambia’s mining industry, took center stage as President Hakainde Hichilema officially unveiled its new strategic equity partner, International Resources Holding.
President Hakainde Hichilema has officially unveiled International Resources Holding, the new strategic equity partner for Mopani Copper Mines.
Speaking during the unveiling ceremony in Kitwe yesterday, President Hichilema said the occasion marks a significant turnaround for the economy of not only the Copperbelt but the country as a whole.
This revitalization promises to not only invigorate Kitwe but also uplift livelihoods across the Copperbelt and beyond.President Hichilema said Mopani is a prized asset for Zambia, and should not be a place to dump liabilities.
“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,” expressed 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 partnership with IRH signifies a strategic move towards rejuvenating not just Mopani but also Kitwe and Mufulira, breathing new life into these vital mining hubs,” highlighted President Hichilema. He expressed optimism about the future of Mopani, foreseeing an increase in copper production from 65,000 metric tonnes to an impressive 230,000 metric tonnes.
“We are committed to ensuring that this partnership benefits all stakeholders involved. Our goal is not only to enhance production but also to create more job opportunities, enhance job security, and boost business prospects,” President Hichilema affirmed.
“We express our profound gratitude for the re-launch of Mopani Copper Mines in partnership with our new joint venture partners, International Resource Holdings (IRH) from Abu Dhabi. This moment, long awaited by our citizens, is not a handover but a meticulously negotiated partnership with IRH that represents mutual respect and equitable benefits. Our citizens will retain a 49% shareholding through ZCCM-IH, affirming our commitment to national benefit.
The $1.1 billion investment from IRH marks a significant milestone, being the first substantial investment from the UAE in Zambia, with more expected in green energy and other sectors.
To support our local suppliers, Mopani has initiated a Supplier Development Program aimed at bolstering the capacity of Zambian suppliers by providing access to capital and business development services.
We urge Zambian businesses to draw inspiration from their counterparts in the UAE, who have transformed their economy through astute management of their oil resources,”President Hichilema said
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.
Local leaders, including Copperbelt Minister Elisha Matambo and Mine Suppliers and Contractors Association President Costa Mwaba, voiced hope for increased opportunities for Zambian businesses and workers. “We are hopeful that this partnership will lead to more contracts for local suppliers and create avenues for economic growth,” stated Costa Mwaba.
Amidst this renewal, the call for a commitment to a decent work agenda and the fulfillment of production targets has been reiterated by Mine Workers Union of Zambia President Joseph Chewe. Chief Nkambo of the Lamba Lima Royal Council highlighted President Hichilema’s visionary leadership as instrumental in Mopani’s resurgence.
Charles Sakanya, CEO of Mopani, expressed confidence that the partnership with IRH would enable the completion of long-awaited expansion projects, further propelling the mine’s growth trajectory. “We are entering a new chapter in Mopani’s history, and we are excited about the opportunities that lie ahead,” remarked Sakanya.
As Zambia embarks on this new chapter in its mining industry, hopes are high for sustainable development, economic prosperity, and shared success for all stakeholders involved. “This partnership marks a significant milestone in our journey towards a brighter future,” concluded President Hichilema.
The Arabs are here!
More Mosques coming to Kitwe. More early morning Allah songs. Welcome to our Arab friends to Kitwe.
Mr President is Zimbabwe on your agenda at the SADC Extraordinary Summit of the Organ Troika on 23 March 2024? Friend’s are wondering whether you have forgotten about them.
Watch “WHY IS THE UPCOMING SADC ZAMBIA TROIKA MEETING NOT VERY CLEAR ON ZIMBABWE?” on YouTube
Frederick Chipuba already brought the Lebanese Arabs to our country. The Arabs are already here. They are screwing kids in the anas with their homosexuality; they were given land belonging to the Tonga peoples. You may not know this because your presidents illegally sell the lands of other people and use the money to build universities in your provinces.
We are tired of Zimbabwe, we freed their ungrateful asses 44 years ago, and now they are still saddlingus with their problems. It is time for Zambia to start taking care of Zambians.
Good choice, they are better than Chinese.
They should have come with football jerseys for Nkana.
First project is Nkana football club, both boys and girls, the rest is their own profit.
We have the Indians , we have the chinese , the americans and now the Arabs ….who is next.?
That’s what you Zambians get for being dormant…you can’t even develop your own country so let the foreigners do it fot you
Kitwe City must be ready to become the new Dubai….. Its beginning to happen. Thanku UPND
And just like that our wealth is gone…very brilliant idea….let foreigners mine and us being Zambians lets go and beg for breadcrumbs from the IMF and World Bank
This is significant. Instead on being an online critique, do a research and see if you can supply anything in this new value chain. We have never had Arabs in our economy. Lets give them a chance. We have 49% shareholding which is significant. We should just learn how to tax them properly and use the proceeds to invest in our development Indicators (transport, Roads, Agriculture, tourism, manufacturing, Health, Education, Economic and Gender)
@Doug. The problem I have with this deal are the lies being told and the lack of transparency. When you see the actual documents you’ll understand what I mean. As of closing, yesterday, MCM was only going to receive $220million after meeting “certain conditions”. So there’s still $400million being held back which is part of the 51% equity. Kabuswe’s lying also doesn’t help, only $300million of the $1.5billion is being paid in this deal.
Anyway…why we went out there and settled for a company that was set up in 2022 with less than 150 employees only some people know. Peace.
@Doug. The problem I have with this deal are the lies being told and the lack of transparency. When you see the actual documents you’ll understand what I mean. As of closing, yesterday, MCM was only going to receive $220million after meeting “certain conditions”. So there’s still $400million being held back which is part of the 51% equity. Kabuswe’s lying also doesn’t help, only $300million of the $1.5billion is being paid in this deal.
Anyway…why we went out there and settled for a company that was set up in 2022 with less than 150 employees only some people know. Peace.
@ Doug
Of course this is significant according to Lumbani madoda praise singers…giving away our minerals is massive development and no wonder they laugh at us as Africans…we have zero capabilities to make money with our own natural resources…..yes lets invite Arabs and at the same time lets go and beg from the IMF and World Bank…thats the easy way out…
…..
“…wonder they laugh at us as Africans…we have zero capabilities to make money with our own natural…..”
Yes, atleast now the mine will contribute to the GDP……….
So why didn’t you bid for the mines then if you claim to be that smart?
If you were concerned about giving mines away, you would have stopped Frederick Chipuba from selling KCM to Agrawal. No you said nothing because the measly $20 million was stolen by your relatives. You sold our coal in Southern Province to Indians. You sold Tonga land to Chinese, Indians and homosexual Arabs. I do not like the sell of any Zambian asset, but this is not the first time this has happened. You have just never complained before because it was being doing by your tribesmen
Telling an African to work hard and use his brain is like insulting him….but give him breadcrumbs and leftovers then he will jump up and down even if he has capabilities to make his own table and eat prepare his own food…anyway you can’t say anything to the gullible Lumbani madoda praise singers
…….
You know we are limited in running large conglomerates……..
Now the president does something to make the mine work, still you are not happy ?
Would you rather it just sits there accumulating debt ???
Typical African mentality
What time are the cadres lining up from the KKIA to community house? I hope this not another one of those new dawn stunts were they will spend years explaining to people why after all the noise nothing tangible is coming out of Mopani.
Just watch and learn……….
My challenge here remains that this is a company registered two years ago and it’s shareholders are hidden behind a corporate veil.
The former foreign Affairs and international cooperation minister was in Abu Dhabi working on this deal.
Who else do we know who likes hiding his wealth? Who else would give tax holidays to mines, for the benefit of the mine and the detriment of the people?
Journalists, please push and find out who the shareholders are! A new company without any tax records anywhere and a very blankets website has been given a national asset! Without parliamentary approval at that!
………
Anyone with enough money to invest in this mine and a sound business plan is welcome to invest……….
The Arabs have enough money……..
So what if they came together yesterday to form a company to invest in this mine ????
They won’t be running the mine, they are only providing the money, skilled people will be running the mine………
If you can find anyone else to match their investment, show us………
@Spaka
You’re wrong my dear brother and you’re missing our argument
We have a bloated Cabinet….unnecessary Ministries…unnecessary Presidential Foreign trips….we have high maintenance Grave yards for former Presidents….now if we cut the Cabinet into half and get rid some of the Ministries and merge some…reduce Presidential motorcade and Foreign trips….build simple graves for Former Presidents then the Zambian Government will have enough money to invest in our mines instead of enslaving ourselves with Arabs
Fili uko tuleya eeee. Let’s see. In this social media world history is a very short time. Be ready to play back more speeches and declarations. Whether they will confirm or dispute is a matter for which we do not have long to wait.
@Kalok
Just remember to save all screen shots for the Mopani hullabaloo…because he is very good at shifting goal post and if things don’t go well he will still blame it on PF…remember Sata and Lapgreen/Zamtel
@Uncle Spider
Unfortunately we have docile Journalists in Zambia and these days every jim and Jack with a smart phone thinks he/she is a Journalists….this Mopani deal is Hichilema own personal investment with a few henchmen like Kabuswe and Kakubo involved…Zambians have been dribbled….HH 2…. Zambia 0 full-time
Let’s wait and see. Otherwise better than the hard-nosed Glencore and its boer dominated management. White-collar scammers who’s screwed us big time. I am very wary of white South Africans. Racist and thieves like zuma and the gupta brothers. Hope the arabs will keep them at bay. Let the IRH fuse Australians , Zambians and arabs in the management
IRH is promising economic revival. Oh, they are also wishing to buy Lubambe Mine to overtake the Chinese bargain! Don’t give IRH the second mine until they prove worthwhile.
Vedanta popped a champagne bottle too promising to change the face of Copperbelt. Several weeks down the line they are still drunk and can’t remember what they promised to do.
Madibadiba reloaded. This transaction deserves a place in Panama papers