Glencore ends copper mining in Zambia with sale of stake in Mopani
The deal, for just $1, but will see Glencore recoup $1.5bn of debt owed by the copper mine amid Zambia’s poor track record with mining
19 January 2021 - 12:29
UPDATED 19 January 2021 - 17:42
Glencore has ended its involvement in copper mining in Zambia by agreeing the sale of its interests in Mopani Copper Mines for just $1 to mining company ZCCM Investment Holdings.
While the transaction is regarded by analysts as positive for Glencore, there is reputational damage for Zambia, which has lost a blue-chip mining company as an investor in the country as President Edgar Lungu talks about the state taking majority ownership in the country’s mines to realise revenue for the indebted nation...
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