THE LEX COLUMN: Glencore/Zambia: mine control
Zambia takes control of Mopani copper mine after buying out majority partner Glencore
Zambia’s once enviable combination of copper reserves and low debt has reversed in the past decade. External debt for Africa’s second-largest copper producer has jumped, while economic growth has stagnated.
Last week Zambia’s government, led by President Edgar Lungu, boldly bought out Glencore, its majority partner in the Mopani copper mine, for $1 plus $1.5bn of debt...