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Good morning

Today’s event is a momentous occasion for ZCCM-IH and the country, as we pen down an agreement with our counterparts  to acquire 90%  of their shares in Mopani Copper Mines Plc.

In September last year, we announced to the market that  ZCCM-IH was in discussions with Glencore Finance (Bermuda) Ltd regarding the future of Mopani Copper Mines Plc

This move is in line with one of our new strategic pillars in our new strategic plan for 2020 to 2026, that aims at increasing our stakes in existing mining firms were we have minority stakes.

Hence, the acquisition of the 90% shares previously held by Carlisa Investments Corporation representing Glencore (73.1%) and First Quantum Minerals (16.9%) is a strategic move as we look to maximising shareholder value for the benefit of all stakeholders.

In line with the requirements of Section 9 of the Lusaka Securities Exchange Listing Requirements, we will give a detailed announcement in the course of this week, that sets out the salient features of the Acquisition.

Ladies and Gentlemen

As you may know, Mopani Copper Mines assets include operations that consist of four underground mines, a concentrator and a cobalt plant in Kitwe, and an underground mine, concentrator, smelter and refinery in the town of Mufulira, among others.

The remaining life of mine is 26 years for Nkana and 16 years for Mufulira, with 110 million tonnes in total, of proven ore reserves and copper grade of 1.89% as at 31st December 2019.

Suffice to say, Mopani has been operating for the past nine months without any capital injection from shareholders.

Our priority then is to turn around this asset  through  cost containment and Increased production output by bringing on line new production areas.

We will continue to give support to the hospital, the school and other social activities.

We will ensure continued operations of the mine, safeguarding of jobs and growth for the betterment of the country.

Ladies and Gentlemen

In line with our vision of being a world class investment holding company with a focus on mining, ZCCM-IH  will uphold the highest institutional standards in Environmental, Social and Governance principles and Transparency, driven by our extensive and deep industry knowledge and technical expertise in mining, financial and investment management.

As I conclude, I would like to express gratitude to Government through the Ministry of Mines, for the support rendered during the whole process, and to Glencore for its cooperation and patience.

And we also applaud Mopani management for keeping the mine afloat in the past months.

Thank you, and God bless you all.


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