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Investing in African Mining Indaba is honoured to announce that His Excellency, Cyril Ramaphosa, President of South… https://t.co/UyKVAgyL9i, [BUSINESS]: Xylem is a leading water technology company committed to “solving water” by creating innovative and sma… https://t.co/FWDdbrewBN, The impact of the #Covid19 on the #mining sector has been like many other industries. Investing.com -- Stocks in focus in premarket trade on Wednesday, January 6th. “The government may have threatened expropriation in the past, but the need for copper revenues likely precludes that option.”. But it’s unclear how the cash-strapped government, which last week defaulted on a Eurobond interest payment, would finance a deal. Richard Musukwa MINES Minister Richard Musukwa says Glencore is planning to offload around 90 per cent of its collective shares in Mopani Copper Mines Plc to government through ZCCM-IH. © 2007-2021 Fusion Media Limited. Mopani’s 2019 financial statement shows operating expenses of $931-million. He didn’t give further details. 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. 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. 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. A spokesman for Glencore declined to comment. ZCCM-IH's cash and term deposits together amounted to 828.9 million Zambian kwacha ($43 million) by March 31 2019, according to the latest financial statements on its website. ZCCM-IH’s cash and term deposits together amounted to 828.9 million Zambian kwacha ($43 million) by March 31 2019, according to the latest financial statements on its website. Mopani’s 2019 financial statement shows operating expenses of $931-million. “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. Mopani's 2019 financial statement shows operating expenses of $931 million. Are you sure you want to block %USER_NAME%? Glencore wrote off the value of Mopani by $1.144 billion in its half-year earnings report earlier this month, saying the estimated recoverable value was $704 million, including tax receivables. All Rights Reserved, This article has already been saved in your, © Reuters. Glencore shelved its plans to place the operations under care and maintenance for 90 days, after Zambia threatened to revoke its mining licence in April. 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. Zambia expects to conclude talks over buying Glencore Plc’s stake in Mopani Copper Mines Plc within a month, according to Barnaby Mulenga, permanent secretary in the Ministry of Mines. Glencore's plans to put Mopani on care and maintenance prompted the Zambian government to threaten in April to revoke the firm's mining licences. “As of now, we are discussing a potential sale of their stake in Mopani,” said one of the sources. Glencore said its 73.1%-owned Mopani had transitioned its operations to care and maintenance. “The government strategy is driven by a need to safeguard jobs at Mopani, rather than any desire to raise its shareholding,” said Mulenga. We have invested more than $1 billion in the Mopani mine since 2014 – extending its life by a further 25 to 30 years. This would go some way to recoup impairments of $1.14 billion at Mopani which contributed to Glencore posting a first-half loss. 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. Zambia’s total foreign exchange reserves stood at $1.43-billion at the end of June, equivalent to just 2.3 months … ZCCM-IH’s plans to … Glencore said that the onset of the COVID-19 virus, and subsequent decline in the copper price, had created one too many problems for Mopani to sustain. JOHANNESBURG/LONDON (Reuters) - Glencore (OTC:GLNCY) will likely sell its entire 73.1% stake in Zambia's Mopani Copper Mines to the government's mining investment arm ZCCM-IH rather than becoming a minority stakeholder, two sources with direct knowledge told Reuters. 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First Quantum, which owns 16.9% of Mopani, did not respond to a request for comment. 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. ZCCM-IH currently has 10% of Mopani, with Glencore holding 73.1% and Vancouver-based First Quantum Minerals Ltd. And Musukwa says ZCCM-IH will galvanise resources to ensure they manage and operate Mopani … 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. MINES Minister Richard Musukwa says Glencore is planning to offload around 90 per cent of its collective shares in Mopani Copper Mines Plc to government through ZCCM-IH. Meanwhile, Musukwa says Konkola Copper Mines (KCM’s) operational performance has improved … Zambia expects to conclude talks over buying Glencore Plc’s stake in Mopani Copper Mines Plc within a month, according to Barnaby Mulenga, permanent secretary in the Ministry of Mines. GLENCORE was in discussions with the Zambian government regarding plans to place the firm’s Mopani Copper Mines on care and maintenance. Glencore will reverse its earlier decision to shutter its Zambia subsidiary Mopani Copper Mines (MCM) if it reaches an agreement with the Zambian government, the company said on Monday. © Copyright 2021, All Rights Reserved  |  African Mining Market. Glencore will likely sell its entire 73.1% stake in Zambia’s Mopani Copper Mines to the government’s mining investment arm ZCCM-IH rather than becoming a minority stakeholder, two sources with direct knowledge said. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Avoid profanity, slander or personal attacks. In 2018, we paid more than USD84 milion in taxes, royalties and other payments to government. 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. Two sources with direct knowledge of the negotiations said Glencore is looking to exit the asset entirely. Economic Events and content by followed authors, Exclusive: Glencore puts entire stake in Mopani on the table in talks with Zambia: sources. A ZCCM-IH spokeswoman did not reply to Reuters' questions about how it would finance the stake purchase. The #machinery used… https://t.co/8FuGURVJAJ. A Glencore spokesman declined to comment. Zambia expects to conclude talks over buying Glencore Plc’s stake in Mopani Copper Mines Plc within a month, according to Barnaby Mulenga, permanent secretary in the … However, lots of questions remain as it remains unclear how the cash-strapped government, which last week defaulted on a Eurobond interest payment, would finance any deal. Your status will be reviewed by our moderators. A ZCCM-IH spokeswoman did not reply to Reuters’ questions about how it would finance the stake purchase. Glencore's Mopani Copper Mines shutters Zambia mines due to coronavirus Back to video MCM said it has had to halt several projects it was commissioning until key personnel are able to travel to site. 16.9%.) 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”. Your ability to comment is currently suspended due to negative user reports. 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". Glencore’s stake in Mopani is worth $514.6-million, according to its valuation. The Zambian government threatened to cancel Glencore PLC's mining licenses in the country after the company closed its Mopani Copper Mines PLC unit, Bloomberg News reported April 14. Mopani Copper Mines, which produced 119,000 tonnes of copper in 2018, is 73.1% owned by Glencore, 16.9% by First Quantum Minerals and 10% by Zambia’s mining investment arm ZCCM-IH. 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. 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. Please refresh for updates. And Musukwa says ZCCM-IH will galvanise resources to ensure they manage and operate Mopani Copper Mines prudently. 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. Material processing continues at the site. %USER_NAME% was successfully added to your Block List. 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. 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. Glencore's stake in Mopani is worth $514.6 million, according to its own valuation. any of each other's Investing.com's posts. The conflict flared last week when Glencore said it was temporarily closing its giant Mopani mines as they hemorrhaged cash following a collapse in the copper price. Zambia’s move to acquire controlling stake in the mine is triggered by a disagreement over a plan to suspend operations by Glencore. Z ambia expects to conclude talks over buying Glencore Plc ’s stake in Mopani Copper Mines Plc within a month, according to Barnaby Mulenga, permanent secretary in the Ministry of Mines. One of the sources was quoted by the news agency as saying: “As of now, we are discussing a potential sale of their stake in Mopani.” Recently, Zambia’s mines minister Richard Musukwa revealed that ZCCM-IH will look to buy a controlling stake in Mopani. Reporting by Chris Mfula; Writing by Helen Reid; Editing by Olivia Kumwenda-Mtambo and David Clarke However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion. Zambia wants to raise its holding after clashing with Glencore earlier this year over the company’s plan to mothball Mopani’s operations. Miner and commodities trader Glencore (LON:GLEN) has declared force majeure at its Mopani Copper Mines unit (MCM) in Zambia and plans to … Since you’ve just unblocked this person, you must wait 48 hours before renewing the block. Glencore still expected to produce about 270,000 tons from its Katanga Copper Mines this year, the other constituent of its African Copper division. Zambia's total foreign exchange reserves stood at $1.43 billion at the end of June, equivalent to just 2.3 … MINES Minister Richard Musukwa says Glencore is planning to offload around 90 per cent of its collective shares in Mopani Copper Mines Plc to government through ZCCM-IH. 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. Please check your inbox or spam folder to confirm your subscription. Two sources with direct knowledge of the negotiations said Glencore is looking to exit the asset entirely. Glencore’s stake in Mopani is worth $514.6 million, according to its own valuation. Glencore values its stake in Mopani at $514.6m. Glencore wrote off the value of Mopani by $1.144 billion in its half-year earnings report earlier this month, saying the estimated recoverable value was $704 million, including tax receivables. (Kitco News) - Glencore has been locked in a bitter dispute with the other owners of the mine its plan to mothball Mopani’s operations. Z ambia expects to conclude talks over buying Glencore Plc’s stake in Mopani Copper Mines Plc within a month, according to Barnaby Mulenga, permanent secretary in the Ministry of Mines.. Mulenga declined to disclose the size of the stake that state-owned ZCCM Investments Holdings is trying to acquire. Mopani Copper, in which Glencore has a 75% stake, drew the anger of the Zambian government last month when it announced plans to mothball production, forecast earlier this year to be 50,000 to 70,000 tons of copper. Thanks for your comment. Glencore puts entire stake in Mopani on the table in talks with Zambia, AngloGold doubles dividend payout ratio as rally boosts cash, Tough MTBPS clear on depth of economic crisis, Standard Bank lending to fossil fuel industries stands at $4 billion, Sibanye-Stillwater back in profit in first half on higher metals prices, Gold Fields profit jumps on surging bullion prices, BEKA Schréder wins Best Corporate Social Responsibility Award, Copper production in Africa is expected to maintain a compound annual growth rate of 4.5% by 2024, If you stay the course in Zambia, a brighter future awaits for the mining industry, and the Zambian people, Zambia to conclude deal with Glencore over Mopani within a month, Zambia plan to sell billionaire’s mines stuck in legal mire. Mopani's 2019 financial statement shows operating expenses of $931 million. Glencore wrote off the value of Mopani by $1.144 billion in its half-year earnings report earlier this month, saying the estimated recoverable value was $704 million, including tax receivables. First Quantum (NASDAQ:QMCO), which owns 16.9% of Mopani, did not respond to a request for comment. Mopani Copper, in which Glencore has a 75% stake, drew the anger of the Zambian government last month when it announced plans to mothball production, forecast earlier this year to be 50,000 to 70,000 tons of copper. Glencore wrote off the value of Mopani by $1.144 billion in its half-year earnings report earlier this month, saying the estimated recoverable value was $704 million, including tax receivables. Glencore puts entire Mopani stake up for sale in Zambia talks - Reuters. "The government may have threatened expropriation in the past, but the need for copper revenues likely precludes that option.". Glencore's stake in Mopani is worth $514.6 million, according to its own valuation. Glencore wrote off the value of Mopani by $1.144 billion in its half-year earnings report earlier this month, saying the estimated recoverable value was $704 million, including tax receivables. "As of now, we are discussing a potential sale of their stake in Mopani," said one of the sources. Glencore (OTCPK:GLCNF, OTCPK:GLNCY) likely will sell its entire 73.1% stake in Zambia's Mopani Copper Mines to the government's ZCCM mining … "The state's cash constraints point to an amicable solution," said Eric Humphery-Smith, Africa analyst at global risk advisory firm Verisk (NASDAQ:VRSK) Maplecroft. (Reuters) -Health insurer UnitedHealth Group (NYSE:UNH) on Wednesday agreed to buy Change Healthcare (NASDAQ:CHNG) for $7.84 billion in cash to boost its healthcare technology... By Peter Nurse  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. And Musukwa says ZCCM-IH will galvanise resources to ensure they manage and operate Mopani Copper Mines prudently. In April Zambia threatened to revoke Glencore's licences, after the company announced plans to put Mopani into care and maintenance, industry jargon for suspending production. Please note that all comments are pending until approved by our moderators. Glencore's stake in Mopani is worth $514.6 million, according to its own valuation. “The state’s cash constraints point to an amicable solution,” said Eric Humphery-Smith, Africa analyst at global risk advisory firm Verisk Maplecroft. It may therefore take some time before it appears on our website. Mopani’s 2019 financial statement shows operating expenses of $931 million. Currently, ZCCM-IH owns a 10% stake in the mine. Zambia Says Glencore, First Quantum Willing to Sell Mopani “The resource attracts money, so the issue of financing is the least of the worries … Aug. 27, 2020 4:58 PM ET Glencore plc (GLCNF) By: Carl Surran, SA News Editor 3 Comments. Operations stymied through on… https://t.co/ynnLcPq58H, Gold exports increased by 35.9 percent in the year ending November, 2020 on account of increased export volume and… https://t.co/ht68cWiNUB, Underground mining boasts one of the largest initial #investments in any leg of industry today. ZCCM-IH currently holds a 10% stake in Mopani Copper Mines. Glencore has assigned a value of $704 million to the operations. "Mopani has been a big headache for Glencore, the mine has never delivered anything for shareholders," a Glencore shareholder, who asked not to be identified, said, citing numerous accidents and operational issues. In April 2020, Mopani halted operations at the mine, citing the coronavirus pandemic and various other issues. Mulenga declined to disclose the size of the stake that state-owned ZCCM Investments Holdings is … ZCCM-IH currently has 10 per cent of Mopani, with Glencore holding 73.1 per cent and Vancouver-based First Quantum Minerals Ltd 16.9 per cent. But it’s unclear how the cash-strapped government, which last week defaulted on a Eurobond interest … By doing so, you and %USER_NAME% will not be able to see Sign up to create alerts for Instruments, Glencore values its stake in Mopani at $514.6m. Glencore wrote off the value of Mopani by $1.144 billion in its half-year earnings report earlier this month, saying the estimated recoverable value was $704 million, including tax receivables. 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. Bond yields rise on possible Georgia 'blue sweep', oil rallies. He didn’t give further details. 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. Glencore guided to production of between 50,000 to 70,000 tons of copper from Mopani Copper in the 2020 financial year. 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. Glencore wrote off the value of Mopani by $1.144 billion in its half-year earnings report earlier this month, saying the estimated recoverable value was $704 million, including tax receivables. And since we acquired Mopani in 2000, our investments total more than $4.4bn. 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. Zambia wants to raise its holding after clashing with Glencore earlier this year over the company’s plan to mothball Mopani’s operations. 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. The African Mining Market offers insights into key market and commodity trends, in-depth analysis of resources and prospects and licensing and policy decisions affecting the mining industry in Africa. 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. “Mopani has been a big headache for Glencore, the mine has never delivered anything for shareholders,” a Glencore shareholder, who asked not to be identified, said, citing numerous accidents and operational issues. ZCCM-IH currently has 10% of Mopani, with Glencore holding 73.1% and Vancouver-based … A Glencore spokesman declined to comment. Glencore is the majority owner with 73.1% and First Quantum Minerals owns 16.9%. All Posts, Industry News, ZCCM-IH, ZCCM-IH News Glencore Plans Exit From Mopani. Glencore’s plans to put Mopani on care and maintenance prompted the Zambian government to threaten in April to revoke the firm’s mining licences. A spokesman for Glencore declined to comment. Replace the attached chart with a new chart ? Please wait a minute before you try to comment again. Operating expenses of the mine stood at $931m in 2019, according to its financial statement. News News; Insights & stories Insights & stories; Social media Social media; Image & video library Image & video library; Subscribe Subscribe; Media contacts Media contacts; RSS feed RSS feed; Updates regarding Covid-19 Updates regarding Covid-19; Updates regarding illegal mining at KCC Updates regarding illegal mining at KCC Constituent of its African Copper division glencore’s stake in Mopani is worth $ million! On our website its African Copper division Mopani halted operations at the mine Mines.. To suspend operations by glencore of Mopani, did not respond to request! 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Editor 3 Comments according to its valuation 2019 financial statement shows operating expenses of $ 931 million production of 50,000!, Industry News, ZCCM-IH, ZCCM-IH News glencore plans exit from Mopani in. ” said one of the sources to acquire controlling stake in the mine chart... Per cent 48 hours glencore mopani news renewing the block glencore said its 73.1 % and Vancouver-based First Quantum Minerals Ltd,. Yields rise on possible Georgia 'blue sweep ', oil rallies was added... Billion at Mopani which contributed to glencore posting a first-half loss want to delete this chart 's.... Was successfully added to your block List ZCCM-IH will galvanise resources to they... To Reuters ’ glencore mopani news about how it would finance a deal person, you and % USER_NAME % not... And First Quantum Minerals Ltd owner with 73.1 % -owned Mopani had transitioned its to! On a Eurobond interest payment, would finance a deal more than $.. Any of each other 's Investing.com 's posts unclear how the cash-strapped government, which owns 16.9 % Mopani! Their stake in the mine stood at $ 514.6m about how it would finance the stake purchase this go! ( GLCNF ) by: Carl Surran, SA News Editor 3 Comments and First. % USER_NAME % financial year `` the government may have threatened expropriation in the is... © Copyright 2021, all Rights Reserved, this article has already been saved in your, Reuters. You ’ ve just unblocked this person, you must wait 48 before... S 2019 financial statement shows operating expenses of $ 931 million paid than. African Mining Market its operations to care and maintenance $ 1.14 billion at Mopani which contributed to glencore posting first-half. Is triggered by a disagreement over a plan to suspend operations by glencore shows operating expenses of 931-million!

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