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mopani mines latest news

According to reuters, global mining company Glencore’s Zambian unit Mopani Copper Mines (MCM) made the announcement in a statement. Mopani will engage with its employees, relevant contractors and local communities regarding the restart of operations”. Said Mopani today: “The health and safety of the workforce and surrounding communities is our top priority. Plot No. Zambia and Swiss-based Glencore are at “cross purposes” over Mopani, Zambian Mines Minister Richard … Mine Workers Union of Zambia (MUZ) President Joseph Chewe confirmed the accident to … In the interim, Chiwele will continue carrying out the role of acting chief executive officer until Bullock takes over the top post this month. Box 32147 Lusaka, Zambia, Telephone or WhatsApp: +26-097-7708285 +26-095-3424603 +26-096-5815078, Email: diggers [at] diggers [dot] news editor [at] diggers [dot] news. 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. THE Mine Workers’ Union of Zambia (MUZ) says government’s intention to buy 90 per cent shares in Mopani Copper Mines from Glencore will redeem the mine’s operations. -. Dr. J. Harold McClure, New York City, discusses a November 12 OECD case study on Zambia's landmark Supreme Court victory in a transfer pricing dispute involving the Mopani copper mines and notes transfer pricing issues addressed and not addressed in the Court's decision . This was a reflection of curtailed production levels at some assets as well as various deferrals – such as the delayed commissioning of an acid plant project at Katanga Mining -, lower equivalent US dollar costs due to generally weaker producer currencies, and lower input costs, particularly through oil price changes. 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. Zambia has slapped import duties on certain goods that have negatively affected the country’s copper producers. This is ridiculous. “The ministry is not aware of any event that has happened that is beyond the reasonable control of Mopani Copper Mines and which makes mining impossible,” he said in a statement. Mines minister, Richard Musukwa threatened to have Mopani Copper’s mining licence suspended, adding that the move was unjustifiable and illegal. As part of the transformation exercise, Glencore scrapped positions of chief officers in strategic departments and appointed general managers in the ongoing restructuring programme. Glencore puts entire stake in Mopani on the table in talks with Zambia. Mine Worker of Zambia president Joseph Chewe speaks at the OSISA/News Diggers discussion forum at Edinburgh Hotel in Kitwe. Commenting in its production report, Glencore also said it would cut capital expenditure initially estimated at $5.5bn for the year by between $1bn to $1.5bn in order to weather the impact of COVID-19 which had also seen reductions in production across the group’s industrial assets. 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. And the miners have vowed to camp at Central offices until Mopani chief executive officer Nathan Bullock rescinds the decision, further urging government to find another investor to take over from Glencore. Would love your thoughts, please comment. . A manager addresses workers at Mopani Copper Mines, Shooters protected by the State, matter closed, Don’t be quick to judge PF, we’ve all done something wrong – Tilyenji. 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. (Kitco News) - Glencore has been locked in a bitter dispute with the other owners of the mine its plan to mothball Mopani’s operations. Highly-placed sources close to Glencore and Grit Consulting said Chiwele, whose substantive position was chief financial officer, will hand over the position to the incoming chief executive officer Nathan Bullock, an Australian national, who had been appointed by Glencore. Glencore's stake in Mopani is worth $514.6 million, according to its own valuation. -. However, excluding African Copper, unit cost copper production would be 105c/lb, compared to 220c/lb as per Glencore’s previous estimate. However, in a memorandum to all employees, Mopani Copper Mine chief services officer Kyansenga Chitoshi announced the appointment of Bullock as the new Mopani Mine chief executive officer, with other changes which include Glencore acting copper department industrial lead Mike Westerman and head – copper assets, Africa Mark Davis. ... Latest News. The planned closure was criticised by the Zambian government. Glencore engaged Grit Consulting of Australia, a change management consulting firm, to undertake a thorough Mopani mine-wide audit and help transform performance that will bring back the mining company’s profitability. But it’s unclear how the cash-strapped government, which last week defaulted on a Eurobond interest payment, would finance a deal. The Diggers Correspondent is a versatile writer. Mopani Copper Mines acting Chief Executive Officer Charles Sakanya said “Since the last update in which we announced that the company had recorded 7 positive cases of COVID-19, a … Chiwele started acting as Mopani Mine chief executive officer in July, this year, after the departure of Chirs Vermuelen, who took over the responsibility following the deportation of Johan Jansen. The mines minister told Reuters that the company is seeking to acquire a 51% stake “or even more”. Deposit Type Stratabound (SMS) 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 … G lencore 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. Westerman, who is overseeing the operations of Mopani as executive director, will also hand over to Bullock at the end of this month. But government through the Minister of Mines Richard Musukwa has objected to the move by the mining company, daring the Glencore-owned mining giant … In August last year, Mopani Copper Mines reportedly shut down two shafts at its Nkana mine in Zambia. Mopani Mine to lay off 600 workers Over 600 Mopani Copper Mines employees will be laid off next month following the announcement by the mining company to cease operations at Mindola North Shaft and Central Shaft. Sources said the ongoing audit exercise by Grit Consulting, commissioned by Glencore, was influenced by fatalities at Mopani’s Nkana and Mufulira operations at the beginning of this year. MOPANI Copper Mines is to restart mining, and provide a 90-day notice period of its intention to place the operations on care and maintenance, the company said in a statement today. Zambia Sees Deal With Glencore Over Mopani Within a Month November 17, 2020 14:02 December 9, 2020. Two miners have died at Mopani Copper mine in Kitwe after a blasting accident this morning. May 3, 2020. Latest News. The senior managers who have so far been appointed are former Mopani chief processing officer for Nkana and Mufulira, Francis De-Peer, who becomes general manager – Smelter and Refinery as former chief mining officer for Nkana and Mufulira and Frans Smith who has been appointed general manager – Mining and Concentrator at Mufulira. Reporting by Chris Mfula; Writing by Helen Reid; Editing by Olivia Kumwenda-Mtambo and David Clarke. Total group copper production was expected to be 1.26 million tons (Mt) for the 2020 financial year down from previous guidance of 1.3Mt and production in 2019 of 1.37Mt. Zambia wants to raise its holding after clashing with Glencore earlier this year over the company’s plan to mothball Mopani’s operations. The operating, regulatory and macro-economic environments remain very challenging and have continued to place significant pressure on the business. Kenmare says capital cost overrun on $106m plant relocation to increase…, Northam Platinum extends Zambezi Platinum stake to 70%, buying R3.5bn shares, Bring back progressive dividends to trigger mining stock re-rating, says Capital…, Resolute Mining identifies four-year, 80,000 oz/year Syama extension at Tabakoroni, Petra Diamonds in crunch talks with bondholders as firm seeks R400m in liquidity, AMCU “truly elated” after court imposes tougher guidelines on COVID-19 preparedness, Anglo to explore for base metals in SA but wants Govt to consider “legislative adjustments”. 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. A copper mine in Zambia is set to shut down on Wednesday due to disruption brought on by the coronavirus pandemic, reports Reuters news agency. 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. Colin Farr from Australia comes to Zambia as general manager – Mining and Concentrator at Nkana, while former chief officer for productivity improvement, Barry Hodgkinson is the general manager – Business Transformation. MOPANI Copper Mines is to restart mining, and provide a 90-day notice period of its intention to place the operations on care and maintenance, the company said in a statement today. Unit costs at the African Copper assets would be a shade higher than guided at 83 cents per pound (c/lb). Disclaimer: The views expressed in this article are those of the author and may not reflect those of … Mines Minister Richard Musukwa said at a briefing this morning that Mopani’s majority shareholder, Glencore, had informed him of the decision via a video conference that the decision was caused by falling copper prices and disruptions in international mobility. Mopani Copper. Glencore’s marketing activities, however, tend to benefit during periods of heightened volatility. Cobalt production from the African assets would be about 5,300 tons compared to previous guidance of 9,900 tons. GOVERNMENT should provide the required relief to Mopani Copper Mines (MCM) and other mining companies to save jobs during the COVID-19 period, the unions have demanded. % and 26% vs our estimates, which include at least one month of shutdown across all operations,” said Barclays in a report. The sources explained that more appointments would be made during this month. “Mopani Copper Mines Plc held a number of meetings with Government Ministries on 6 April 2020 in which it provided an update of its comprehensive operational review. 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. Glencore said in an update on April 30 that production from its African Copper assets would be about 280,000 tons for the year compared to previous guidance of 325,000 tons – a decline of about 14%. Mufulira smelter, Mopani Copper Mines. Glencore last year mothballed its Mutanda assets in the Democratic Republic of Congo (DRC) which guaranteed lower production year-on-year from the division in 2020. Chiwele would, however, remain within Mopani but as a director on the Mopani board of directors. April 9, 2020 | Filed under: Breaking News,Business,Latest News | Posted by: Editor 2 3,034 Views Dozens of Mopani Copper Mines workers have this afternoon, marched through Kitwe Town Center to register their displeasure against Glencore’s decision to place the mine under care and maintenance for three months. Vedanta founder Agarwal takes grip over Gamsberg saying firm committed to expansion, Miners withhold $2bn in expansion capital from Zambia owing to double taxation ‘regime’, Afritin banking on interruption-free ramp-up at Uis, and tin price playing ball, Orion Minerals issues shares to pay for resumption of Northern Cape exploration, Ramaphosa economic recovery plan light on private sector foreign investment, Glencore in talks to sell nickel to carmakers, says CEO Ivan Glasenberg, Sibanye-Stillwater says “downstream exposure” will be part of battery metals deal. Mopani allegedly did not give sufficient notice to the government before the mines … The company is in the process of spending billions of dollars at Mopani to sink new shafts. 8 months ago editor ... Mopani copper mines was last week placed under care and maintenance by its parent company Glencore despite government’s intervention and in the process sending over 15000 workers under direct employment and under several contractors on forced leave. April 14, 2020. Mopani's 2019 financial statement shows operating expenses of $931 million. Mopani Copper Mines Plc is a Zambian registered copper mine owned by ZCCM-IH (10%), Glencore Plc (73.1%) & First Quantum Minerals Ltd (16.9%). By. David McKay. David McKay. Zambia’s mining investment company ZCCM-IH is looking to buy a controlling stake in Mopani Copper Mines, a subsidiary of Glencore. 16 April 2020 (Last Updated April 16th, 2020 16:12) Zambia intends to revoke the mining licenses of Mopani Copper Mines (MCM), a subsidiary of Glencore, as the firm did not give sufficient notice before suspending its mining operations due to the coronavirus Covid-19 crisis. The exercise started in April this year and expected to run up to the end of the year. Lus/9812/649-MC8 off Alex Chola Road Nyumba Yanga P.O. Zambia plans to revoke Mopani Copper Mines licences. By. “There is no material change to our 2020 EBITDA forecasts following 1Q production report, with lower guided volumes fully offset by lower unit costs,” said UBS in a report on Glencore’s first production report. . While Grit Consulting is still undertaking the audit exercise across all company operations in new concentrator, environmental, medical, legal and secretarial, Mufulira central mine shaft, general management and executive officers, further recommendations on how to turn around the fortunes of Mopani, would be made to Glencore. September 29, 2014 Recent News, Top Stories Comments Off on Mopani Copper Mines makes headway in finalisation of US$323 million Synclinorium Shaft Mopani Copper Mines Plc, a unit of global commodity trader and Switzerland based Glencore Xstrata has in earnest stepped up efforts to complete the much awaited US$323 million Synclinorium Shaft at the Company’s Nkana mine in Kitwe to elongate the … During this notice period, it would discuss “potential solutions to its current challenges”  following “constructive discussions” with the Zambian government, the company said. What type of news do you like reading the most? MOPANI Copper Mines says the decision to put the mine on care and maintenance starting tomorrow April 8, is as a result of the critical disruptions to international mobility, transportation and supply chains arising from COVID-19.. De-Zambianisation at Zambian mines continues afoot. During this notice period, it would discuss “potential solutions to its current challenges” following “constructive discussions” with … Once fully up and running, the mines should produce about 140,000 tons of copper a … A press query emailed to Mopani corporate affairs seeking confirmation of the turn of events, through Public Relations Manager Nebert Mulenga last Tuesday remained unanswered by press time. Last April, MCM announced resumption of operations at two of its projects following an investigation into the deaths of five workers earlier last year. Lubambe tables tax changes, concession approvals with under-fire Zambian Govt. 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