Copper

Glencore announced that its subsidiary, Carlisa Investments Corp. (Carlisa), which holds 81.2% of the shares in Glencore, has entered into an agreement with ZCCM Investments Holding plc (ZCCM) to transfer its 90% interest in Mopani Copper Mines plc (Mopani) to ZCCM, which is the owner of the remaining 10% interest …

Last year, Zambia paid a value-added tax refund of 8.5 billion kwacha ($400 million) to mining firms, the head of the tax authority said recently. After it defaulted on a $42.5 million coupon in November, Zambia, Africa’s second-largest copper producer, is negotiating with creditors to try to get debt relief. …

After incurring project expenditures in excess of $3 million during the initial work phase, Rio will now proceed to the next stage of the Midnight Sun Mining’s Solwezi licenses in Zambia, part of an earn-in and joint venture agreement the companies signed in April 2020. This would allow the company …

Zambia hopes to “strike a win-win situation” with bondholders, Mines Minister Richard Musukwa said after Africa’s no.2 copper producer nation failed to pay the $42.5-million coupon on its Eurobond debt last Friday. Zambia doesn’t expect its mining assets to be taken away by bondholders and has no plans to sell its …

Base metals have climbed this month on signs of progress in developing a drug to combat Covid-19, which would help economies reopen and global growth recover. But there are still immediate fears that fresh lockdowns – especially in the US – could bring renewed pressure on economic activity. The Trump …

According to the industry lobby group of copper miners in Zambia, 2 billion dollars of proposed investments have been halted because the royalty tax imposed last year rendered the projects unworkable. The proposal of First Quantum Minerals Ltd. to spend $1 billion to prolong the life of its Kansanshi operation …

Economic growth takes centre stage In Part 1 of Zambia’s history of copper production, we reflected on the country’s progression from the early days of large-scale production of the red metal almost 100 years ago, to the challenges that led to the re-privatisation of the industry at the end of the …