Confidence renewed in Zambia’s economy as Abu Dhabi investor, IRH, formally takes over Mopani mine

President Hakainde Hichilema says unveiling of the new investors for Mopani Copper Mine (MCM) is an economic achievement.

He said that while the previous regime piled challenges in Mopani, his government had been resolute on finding solutions to challenges facing the country.

“This will help in reducing the debt stock of Mopani to about US$550 million from an accumulated US$1.7 billion as result of interests,” he said.

President Hichilema said the Copperbelt was poised for mining recovery following the resolution of the Mopani issue.

He added that the scheduled investments of around US$610 million in Mopani operations was significant to stabilise operations at the mine.

The Head of State said this was a new chapter and new beginning for the Copperbelt and the economy as a whole.

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According to transaction details, International Resource Holding ( IRH) has 51 percent shares in Mopani while ZCCM-IH ratains 49 percent shares.

IHR Chief Executive Officer, Ali Alrashdi, said the investor would redefine industry standards while creating value for stakeholders and making a
positive impact on the communities.

Alrashdi said the partnership with ZCCM-IH was a testament to the vision, dedication and hard work of everyone.

Mopani Chief Executive Officer, Charles Sakanya, said the unveiling marked a new beginning for Mopani.

“The coming in of the new equity partner will facilitate the completion of the expansion projects and ramp up production,” Sakanya said.

He added: “our expansion includes the completion of the three efficient world class shafts namely the synclinorium, Mindola deeps and the Henderson shafts.”

He expressed confidence that the new shafts would allow Mopani to access ore reserves at deeper depths thereby increasing the productive capacity while reducing the cost of production.

Mine and Mineral Development Minister, Paul Kabuswe, said the deal would result in making Mopani a world class mine.

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