A Glencore spokesman declined to comment. Meanwhile, Musukwa says Konkola Copper Mines (KCM’s) operational performance has improved … It may therefore take some time before it appears on our website. ZCCM-IH’s cash and term deposits together amounted to 828.9 million Zambian kwacha ($43 million) by March 31 2019, according to the latest financial statements on its website. Operations stymied through on… https://t.co/ynnLcPq58H, Gold exports increased by 35.9 percent in the year ending November, 2020 on account of increased export volume and… https://t.co/ht68cWiNUB, Underground mining boasts one of the largest initial #investments in any leg of industry today. The move by ZCCM-IH to take control of Mopani is part of its strategy shift away from minority stakes and towards running mines as an operator. The conflict flared last week when Glencore said it was temporarily closing its giant Mopani mines as they hemorrhaged cash following a collapse in the copper price. This comment has already been saved in your, Nasdaq Futures Down 196 Pts; Democrats Set to Take Senate, Nasdaq futures slump 2% on prospects of Democrat-controlled Senate, Georgia Runoffs, Tech Falls, ADP and Saudi Goodwill Gesture - What's up in Markets, 1 Stock To Buy, 1 To Dump When Markets Open: Tesla, Alibaba, For Gold Traders, It’s “Georgia On My Mind” As U.S. Senate Control Looms, FX: How To Trade Georgia And Electoral College Votes, Vanguard Total Bond Market II Index Fund Investor, PIMCO Commodity Real Return Strategy Institutional, SG FTSE MIB Gross TR 5x Daily Short Strategy RT 18, Vontobel 7X Long Fixed Lever on Natural Gas 8.06, UnitedHealth to buy Change Healthcare for nearly $8 billion to boost tech services, Tesla, Moderna Rise Premarket; Facebook Falls, AmerisourceBergen to buy Walgreens' distribution unit to expand in Europe, Direxion Daily Junior Gold Miners Bull 2X Shares. “As of now, we are discussing a potential sale of their stake in Mopani,” said one of the sources. Mulenga declined to disclose the size of the stake that state-owned ZCCM Investments Holdings is … Miner and commodities trader Glencore (LON:GLEN) has declared force majeure at its Mopani Copper Mines unit (MCM) in Zambia and plans to … And Musukwa says ZCCM-IH will galvanise resources to ensure they manage and operate Mopani Copper Mines prudently. Glencore wrote off the value of Mopani by $1.144 billion in its half-year earnings report earlier this month, saying the estimated recoverable value was $704 million, including tax receivables. Glencore’s plans to put Mopani on care and maintenance prompted the Zambian government to threaten in April to revoke the firm’s mining licences. Zambia wants to raise its holding after clashing with Glencore earlier this year over the company’s plan to mothball Mopani’s operations. Glencore values its stake in Mopani at $514.6m. In 2018, we paid more than USD84 milion in taxes, royalties and other payments to government. The shutdown is the latest disruption to the global mining sector from the COVID-19 pandemic, which has caused lockdowns and travel restrictions around the world. Bond yields rise on possible Georgia 'blue sweep', oil rallies. JOHANNESBURG/LONDON (Reuters) - Glencore (OTC:GLNCY) will likely sell its entire 73.1% stake in Zambia's Mopani Copper Mines to the government's mining investment arm ZCCM-IH rather than becoming a minority stakeholder, two sources with direct knowledge told Reuters. However, lots of questions remain as it remains unclear how the cash-strapped government, which last week defaulted on a Eurobond interest payment, would finance any deal. © Copyright 2021, All Rights Reserved  |  African Mining Market. One of the sources was quoted by the news agency as saying: “As of now, we are discussing a potential sale of their stake in Mopani.” Recently, Zambia’s mines minister Richard Musukwa revealed that ZCCM-IH will look to buy a controlling stake in Mopani. Glencore’s stake in Mopani is worth $514.6 million, according to its own valuation. Sign up to create alerts for Instruments, By doing so, you and %USER_NAME% will not be able to see Zambia expects to conclude talks over buying Glencore Plc’s stake in Mopani Copper Mines Plc within a month, according to Barnaby Mulenga, permanent secretary in the Ministry of Mines. Zambia wants to raise its holding after clashing with Glencore earlier this year over the company’s plan to mothball Mopani’s operations. Mopani produced 51,275 tonnes of finished copper in 2019 including purchased materials – accounting for 13.9% of Glencore’s African copper output and 3.7% of its overall copper output. Zambia's total foreign exchange reserves stood at $1.43 billion at the end of June, equivalent to just 2.3 … Glencore's stake in Mopani is worth $514.6 million, according to its own valuation. Thanks for your comment. Aug. 27, 2020 4:58 PM ET Glencore plc (GLCNF) By: Carl Surran, SA News Editor 3 Comments. Glencore wrote off the value of Mopani by $1.144 billion in its half-year earnings report earlier this month, saying the estimated recoverable value was $704 million, including tax receivables. Since you’ve just unblocked this person, you must wait 48 hours before renewing the block. Zambia Says Glencore, First Quantum Willing to Sell Mopani “The resource attracts money, so the issue of financing is the least of the worries … Glencore said its 73.1%-owned Mopani had transitioned its operations to care and maintenance. MINES Minister Richard Musukwa says Glencore is planning to offload around 90 per cent of its collective shares in Mopani Copper Mines Plc to government through ZCCM-IH. Please check your inbox or spam folder to confirm your subscription. Economic Events and content by followed authors, Exclusive: Glencore puts entire stake in Mopani on the table in talks with Zambia: sources. Mopani produced 51,275 tonnes of finished copper in 2019 including purchased materials - accounting for 13.9% of Glencore's African copper output and 3.7% of its overall copper output. And Musukwa says ZCCM-IH will galvanise resources to ensure they manage and operate Mopani … Replace the attached chart with a new chart ? Glencore wrote off the value of Mopani by $1.144 billion in its half-year earnings report earlier this month, saying the estimated recoverable value was $704 million, including tax receivables. Glencore’s stake in Mopani is worth $514.6-million, according to its valuation. Zambia’s total foreign exchange reserves stood at $1.43-billion at the end of June, equivalent to just 2.3 months of import cover, according to the central bank. Richard Musukwa MINES Minister Richard Musukwa says Glencore is planning to offload around 90 per cent of its collective shares in Mopani Copper Mines Plc to government through ZCCM-IH. We have invested more than $1 billion in the Mopani mine since 2014 – extending its life by a further 25 to 30 years. A ZCCM-IH spokeswoman did not reply to Reuters’ questions about how it would finance the stake purchase. ZCCM-IH currently has 10% of Mopani, with Glencore holding 73.1% and Vancouver-based First Quantum Minerals Ltd. Currently, ZCCM-IH owns a 10% stake in the mine. Please note that all comments are pending until approved by our moderators. “Following Mopani’s recent announcement regarding the transition of its mining operations to care and maintenance, Glencore is currently in discussions on the way forward with the Government of Zambia,” it said. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion. A Glencore spokesman declined to comment. Zambia Says Glencore, First Quantum Willing to Sell Mopani “The resource attracts money, so the issue of financing is the least of the worries for the Zambian government,” Mulenga said in an interview on Thursday, referring to Mopani’s copper-mining operations. "The government may have threatened expropriation in the past, but the need for copper revenues likely precludes that option.". “The government strategy is driven by a need to safeguard jobs at Mopani, rather than any desire to raise its shareholding,” said Mulenga. A spokesman for Glencore declined to comment. Two sources with direct knowledge of the negotiations said Glencore is looking to exit the asset entirely. Apple (NASDAQ:AAPL) stock fell 1.8%, Facebook... (Reuters) - U.S. drug wholesaler AmerisourceBergen (NYSE:ABC) Corp said on Wednesday it would buy Walgreens Boots Alliance (NASDAQ:WBA)'s drug distribution business for $6.5... We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. First Quantum (NASDAQ:QMCO), which owns 16.9% of Mopani, did not respond to a request for comment. Glencore will likely sell its entire 73.1% stake in Zambia’s Mopani Copper Mines to the government’s mining investment arm ZCCM-IH rather than becoming a minority stakeholder, two sources with direct knowledge said. 16.9%.) Mopani Copper, in which Glencore has a 75% stake, drew the anger of the Zambian government last month when it announced plans to mothball production, forecast earlier this year to be 50,000 to 70,000 tons of copper. "As of now, we are discussing a potential sale of their stake in Mopani," said one of the sources. Glencore has assigned a value of $704 million to the operations. “The government may have threatened expropriation in the past, but the need for copper revenues likely precludes that option.”. any of each other's Investing.com's posts. News News; Insights & stories Insights & stories; Social media Social media; Image & video library Image & video library; Subscribe Subscribe; Media contacts Media contacts; RSS feed RSS feed; Updates regarding Covid-19 Updates regarding Covid-19; Updates regarding illegal mining at KCC Updates regarding illegal mining at KCC Glencore still expected to produce about 270,000 tons from its Katanga Copper Mines this year, the other constituent of its African Copper division. Glencore guided to production of between 50,000 to 70,000 tons of copper from Mopani Copper in the 2020 financial year. "Mopani has been a big headache for Glencore, the mine has never delivered anything for shareholders," a Glencore shareholder, who asked not to be identified, said, citing numerous accidents and operational issues. Glencore puts entire Mopani stake up for sale in Zambia talks - Reuters. Glencore is the majority owner with 73.1% and First Quantum Minerals owns 16.9%. All Rights Reserved, This article has already been saved in your, © Reuters. The Zambian government threatened to cancel Glencore PLC's mining licenses in the country after the company closed its Mopani Copper Mines PLC unit, Bloomberg News reported April 14. Operating expenses of the mine stood at $931m in 2019, according to its financial statement. ZCCM-IH’s plans to … Zambia’s move to acquire controlling stake in the mine is triggered by a disagreement over a plan to suspend operations by Glencore. Please wait a minute before you try to comment again. Reporting by Chris Mfula; Writing by Helen Reid; Editing by Olivia Kumwenda-Mtambo and David Clarke Zambia’s total foreign exchange reserves stood at $1.43-billion at the end of June, equivalent to just 2.3 months … ZCCM-IH's cash and term deposits together amounted to 828.9 million Zambian kwacha ($43 million) by March 31 2019, according to the latest financial statements on its website. And Musukwa says ZCCM-IH will galvanise resources to ensure they manage and operate Mopani Copper Mines prudently. August 28, 2020 16:49 September 4, 2020. This would go some way to recoup impairments of $1.14 billion at Mopani which contributed to Glencore posting a first-half loss. “The state’s cash constraints point to an amicable solution,” said Eric Humphery-Smith, Africa analyst at global risk advisory firm Verisk Maplecroft. Glencore's stake in Mopani is worth $514.6 million, according to its own valuation. Glencore shelved its plans to place the operations under care and maintenance for 90 days, after Zambia threatened to revoke its mining licence in April. Mopani's 2019 financial statement shows operating expenses of $931 million. Glencore's stake in Mopani is worth $514.6 million, according to its own valuation. Mopani's total liabilities exceeded its total assets by $2.562 billion in 2019, the company reported in a financial statement, indicating "a material uncertainty in relation to the going concern assumption". Z ambia expects to conclude talks over buying Glencore Plc ’s stake in Mopani Copper Mines Plc within a month, according to Barnaby Mulenga, permanent secretary in the Ministry of Mines. In April 2020, Mopani halted operations at the mine, citing the coronavirus pandemic and various other issues. Material processing continues at the site. Investing in African Mining Indaba is honoured to announce that His Excellency, Cyril Ramaphosa, President of South… https://t.co/UyKVAgyL9i, [BUSINESS]: Xylem is a leading water technology company committed to “solving water” by creating innovative and sma… https://t.co/FWDdbrewBN, The impact of the #Covid19 on the #mining sector has been like many other industries. A spokesman for Glencore declined to comment. Zambia expects to conclude talks over buying Glencore Plc’s stake in Mopani Copper Mines Plc within a month, according to Barnaby Mulenga, permanent secretary in the … MINES Minister Richard Musukwa says Glencore is planning to offload around 90 per cent of its collective shares in Mopani Copper Mines Plc to government through ZCCM-IH. Please refresh for updates. Glencore wrote off the value of Mopani by $1.144 billion in its half-year earnings report earlier this month, saying the estimated recoverable value was $704 million, including tax receivables. Mopani's 2019 financial statement shows operating expenses of $931 million. Glencore's plans to put Mopani on care and maintenance prompted the Zambian government to threaten in April to revoke the firm's mining licences. 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Glencore (OTCPK:GLCNF, OTCPK:GLNCY) likely will sell its entire 73.1% stake in Zambia's Mopani Copper Mines to the government's ZCCM mining … Despite Zambia's protests, Glencore decided to shutter its Mopani operations April 8, citing low copper prices and disruptions related to the coronavirus pandemic. Two sources with direct knowledge of the negotiations said Glencore is looking to exit the asset entirely. But it’s unclear how the cash-strapped government, which last week defaulted on a Eurobond interest payment, would finance a deal. And since we acquired Mopani in 2000, our investments total more than $4.4bn. %USER_NAME% was successfully added to your Block List. Zambia and Swiss-based Glencore are at "cross purposes" over Mopani, Zambian Mines Minister Richard Musukwa had said on Tuesday when he announced ZCCM-IH aims to increase its shareholding in Mopani to 51% "or even more", from 10% currently. (Reuters) -Health insurer UnitedHealth Group (NYSE:UNH) on Wednesday agreed to buy Change Healthcare (NASDAQ:CHNG) for $7.84 billion in cash to boost its healthcare technology... By Peter Nurse  Glencore said that the onset of the COVID-19 virus, and subsequent decline in the copper price, had created one too many problems for Mopani to sustain. A major hurdle to clinching the deal is Zambia’s lack of funds to pay for the stake and fund the mine’s running costs, sources say. Zambia and Swiss-based Glencore are at “cross purposes” over Mopani, Zambian Mines Minister Richard Musukwa had said on Tuesday when he announced ZCCM-IH aims to increase its shareholding in Mopani to 51% “or even more”, from 10% currently. The move by ZCCM-IH to take control of Mopani is part of its strategy shift away from minority stakes and towards running mines as an operator. He didn’t give further details. Zambia's total foreign exchange reserves stood at $1.43 billion at the end of June, equivalent to just 2.3 months of import cover, according to the central bank. Mopani Copper Mines, which produced 119,000 tonnes of copper in 2018, is 73.1% owned by Glencore, 16.9% by First Quantum Minerals and 10% by Zambia’s mining investment arm ZCCM-IH. GLENCORE was in discussions with the Zambian government regarding plans to place the firm’s Mopani Copper Mines on care and maintenance. A major hurdle to clinching the deal is Zambia's lack of funds to pay for the stake and fund the mine's running costs, sources say. Mopani's 2019 financial statement shows operating expenses of $931 million. Glencore values its stake in Mopani at $514.6m. The #machinery used… https://t.co/8FuGURVJAJ. Your status will be reviewed by our moderators. Investing.com -- Stocks in focus in premarket trade on Wednesday, January 6th. He didn’t give further details. Glencore wrote off the value of Mopani by $1.144 billion in its half-year earnings report earlier this month, saying the estimated recoverable value was $704 million, including tax receivables. ZCCM-IH currently holds a 10% stake in Mopani Copper Mines. Mopani’s total liabilities exceeded its total assets by $2.562 billion in 2019, the company reported in a financial statement, indicating “a material uncertainty in relation to the going concern assumption”. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Avoid profanity, slander or personal attacks. Mopani produced 51,275 tonnes of finished copper in 2019 including purchased materials – accounting for 13.9% of Glencore’s African copper output and 3.7% of its overall copper output. Mopani’s 2019 financial statement shows operating expenses of $931-million. In April Zambia threatened to revoke Glencore's licences, after the company announced plans to put Mopani into care and maintenance, industry jargon for suspending production. ZCCM-IH currently has 10% of Mopani, with Glencore holding 73.1% and Vancouver-based … © 2007-2021 Fusion Media Limited. A ZCCM-IH spokeswoman did not reply to Reuters' questions about how it would finance the stake purchase. The African Mining Market offers insights into key market and commodity trends, in-depth analysis of resources and prospects and licensing and policy decisions affecting the mining industry in Africa. Zambia’s total foreign exchange reserves stood at $1.43 billion at the end of June, equivalent to just 2.3 months of import cover, according to the central bank. Glencore will reverse its earlier decision to shutter its Zambia subsidiary Mopani Copper Mines (MCM) if it reaches an agreement with the Zambian government, the company said on Monday. Zambia expects to conclude talks over buying Glencore Plc’s stake in Mopani Copper Mines Plc within a month, according to Barnaby Mulenga, permanent secretary in the Ministry of Mines. (Kitco News) - Glencore has been locked in a bitter dispute with the other owners of the mine its plan to mothball Mopani’s operations. Are you sure you want to delete this chart? Glencore, which reported a first-half loss due to the impact of the pandemic, will not reap the benefits of billions spent on expansion projects over the last three years if it sells to ZCCM-IH but investors see this as a way for the miner to cut its losses. “Mopani has been a big headache for Glencore, the mine has never delivered anything for shareholders,” a Glencore shareholder, who asked not to be identified, said, citing numerous accidents and operational issues. All Posts, Industry News, ZCCM-IH, ZCCM-IH News Glencore Plans Exit From Mopani. Mopani’s 2019 financial statement shows operating expenses of $931 million. Glencore, which reported a first-half loss due to the impact of the pandemic, will not reap the benefits of billions spent on expansion projects over the last three years if it sells to ZCCM-IH but investors see this as a way for the miner to cut its losses. But it’s unclear how the cash-strapped government, which last week defaulted on a Eurobond interest … Glencore’s stake in Mopani is worth $514.6-million, according to its valuation. Are you sure you want to block %USER_NAME%? Glencore wrote off the value of Mopani by $1.144 billion in its half-year earnings report earlier this month, saying the estimated recoverable value was $704 million, including tax receivables. Zambia and Swiss-based Glencore are at “cross purposes” over Mopani, Zambian Mines Minister Richard Musukwa had said on Tuesday when he announced ZCCM-IH aims to increase its shareholding in Mopani to 51% “or even more”, from 10% currently. Glencore's Mopani Copper Mines shutters Zambia mines due to coronavirus Back to video MCM said it has had to halt several projects it was commissioning until key personnel are able to travel to site. Glencore wrote off the value of Mopani by $1.144 billion in its half-year earnings report earlier this month, saying the estimated recoverable value was $704 million, including tax receivables. Z ambia expects to conclude talks over buying Glencore Plc’s stake in Mopani Copper Mines Plc within a month, according to Barnaby Mulenga, permanent secretary in the Ministry of Mines.. Mulenga declined to disclose the size of the stake that state-owned ZCCM Investments Holdings is trying to acquire. Note that all Comments are pending until approved by our moderators investments total more than USD84 milion taxes!, you must wait 48 hours before renewing the block of Mopani, '' said one the! Looking to exit the asset entirely Mines prudently ( GLCNF ) by: Surran! 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