OWN CORRESPONDENT, Lusaka | Friday 7.00pm
SHAREHOLDERS of Zambian copper giant ZCCM have formally approved the sale of several major mining assets to a foreign consortium, government officials said on Friday.
Shareholders on Friday voted to sell the Nkana mines and cobalt plant as well as Mufulira mines to Canada’s First Quantum Minerals Ltd and Swiss trader Glencore International AG.
”Shareholders took a vote and as expected it was unanimous,” said a government official.
The consortium, which will operate in Zambia under the name Mopani Copper Mines, is set to assume control of the assets on April 1.
The Lusaka government is the majority shareholder in Zambia Consolidated Copper Mines (ZCCM). Mining giant Anglo American Plc also holds a 27.3% interest in ZCCM through its subsidiary, Zambia Copper Investments.
ZCCM shareholders also approved a decision to grant the consortium a future option on the Nkana smelter and refinery.
The smelter and refinery are to remain under ZCCM ownership, but will be managed by Anglo for at least three years.
The privatisation of ZCCM will be completed on March 31 when Anglo is expected to finalise the purchase of Nchanga, Konkola and Nampundwe mines.
Nchanga, Konkola and Nampundwe account for nearly 70% of Zambia’s copper production. — Reuters