GOVERNMENT SHOULD TAKE KEEN INTEREST IN THE BLOOMBERG REPORT ON ZCCM-IH, IRH AND MOPANI The recent Bloomberg report concerning the relationship between ZCCM-IH and International Resources Holding (IRH) at Mopani Copper Mines deserves serious and urgent attention from Government. According to reports citing a letter from ZCCM-IH to IRH’s Delta Mining, ZCCM-IH has raised concerns […]

GOVERNMENT SHOULD TAKE KEEN INTEREST IN THE BLOOMBERG REPORT ON ZCCM-IH, IRH AND MOPANI

The recent Bloomberg report concerning the relationship between ZCCM-IH and International Resources Holding (IRH) at Mopani Copper Mines deserves serious and urgent attention from Government.

According to reports citing a letter from ZCCM-IH to IRH’s Delta Mining, ZCCM-IH has raised concerns about alleged funding and operational shortfalls at Mopani.

What Zambia needs now is clarity, constructive engagement and a clear implementation programme showing how the shareholders intend to finance Mopani’s recapitalisation, increase production and deliver on the commitments underpinning the partnership.

The interests of Mopani employees, contractors, suppliers, surrounding communities and the Zambian economy must remain at the centre of these discussions.

Government should therefore take keen interest in ensuring that ZCCM-IH and IRH urgently resolve any outstanding funding gaps and remain focused on the fundamental objective: revamping Mopani into a stable, well-capitalised and highly productive mining operation.

This is particularly important because Mopani is expected to contribute towards Zambia’s ambition of increasing national copper production to 3 million tonnes annually.

The meeting between President Hakainde Hichilema and IRH Chief Executive Ali Rashed Alrashdi in Abu Dhabi therefore comes at an important moment.

Dialogue at the highest level can help create the confidence and clarity required to address outstanding shareholder concerns and keep Mopani’s recovery programme moving.

Mopani’s recovery should ultimately be measured by tangible results:

1 Capital invested,

2 Underground development accelerated,

3 Production increased,

4 Permanent  jobs created by Mopani and not by  contractors ,

5  Local suppliers participating and

6 More economic activity returning to Mufulira and Kitwe.

Whatever concerns being raised by  ZCCM-IH and IRH, should be resolved quickly,  in a manner that protects Zambia’s interests and gives Mopani the stability required to grow.

Mopani successful recovery is important to the people of the Copperbelt and to Zambia’s broader economic growth agenda.

Your Servant,

Hon Heartson Mabeta