“As of now, we are discussing a potential sale of their stake in Mopani,” said one of the sources. Please check your inbox or spam folder to confirm your subscription. Glencore is the majority owner with 73.1% and First Quantum Minerals owns 16.9%. ZCCM-IH currently holds a 10% stake in Mopani Copper Mines. Glencore still expected to produce about 270,000 tons from its Katanga Copper Mines this year, the other constituent of its African Copper division. Mopani produced 51,275 tonnes of finished copper in 2019 including purchased materials - accounting for 13.9% of Glencore's African copper output and 3.7% of its overall copper output. Glencore said its 73.1%-owned Mopani had transitioned its operations to care and maintenance. Zambia and Swiss-based Glencore are at “cross purposes” over Mopani, Zambian Mines Minister Richard Musukwa had said on Tuesday when he announced ZCCM-IH aims to increase its shareholding in Mopani to 51% “or even more”, from 10% currently. Glencore, which reported a first-half loss due to the impact of the pandemic, will not reap the benefits of billions spent on expansion projects over the last three years if it sells to ZCCM-IH but investors see this as a way for the miner to cut its losses. Mopani’s 2019 financial statement shows operating expenses of $931-million. © 2007-2021 Fusion Media Limited. "As of now, we are discussing a potential sale of their stake in Mopani," said one of the sources. Mopani's 2019 financial statement shows operating expenses of $931 million. Currently, ZCCM-IH owns a 10% stake in the mine. “Following Mopani’s recent announcement regarding the transition of its mining operations to care and maintenance, Glencore is currently in discussions on the way forward with the Government of Zambia,” it said. Despite Zambia's protests, Glencore decided to shutter its Mopani operations April 8, citing low copper prices and disruptions related to the coronavirus pandemic. Zambia's total foreign exchange reserves stood at $1.43 billion at the end of June, equivalent to just 2.3 months of import cover, according to the central bank. A major hurdle to clinching the deal is Zambia’s lack of funds to pay for the stake and fund the mine’s running costs, sources say. By doing so, you and %USER_NAME% will not be able to see Zambia Says Glencore, First Quantum Willing to Sell Mopani “The resource attracts money, so the issue of financing is the least of the worries for the Zambian government,” Mulenga said in an interview on Thursday, referring to Mopani’s copper-mining operations. any of each other's Investing.com's posts. Mopani’s total liabilities exceeded its total assets by $2.562 billion in 2019, the company reported in a financial statement, indicating “a material uncertainty in relation to the going concern assumption”. Apple (NASDAQ:AAPL) stock fell 1.8%, Facebook... (Reuters) - U.S. drug wholesaler AmerisourceBergen (NYSE:ABC) Corp said on Wednesday it would buy Walgreens Boots Alliance (NASDAQ:WBA)'s drug distribution business for $6.5... We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. Glencore Plc, a British–Swiss multinational commodity trading and mining company, is massively restructuring its Zambian subsidiary, Mopani Copper Mines Plc, with the termination of acting chief executive officer John Chiwele’s employment contract. Operating expenses of the mine stood at $931m in 2019, according to its financial statement. The shutdown is the latest disruption to the global mining sector from the COVID-19 pandemic, which has caused lockdowns and travel restrictions around the world. The move by ZCCM-IH to take control of Mopani is part of its strategy shift away from minority stakes and towards running mines as an operator. 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