CAPE TOWN, May 12 (Reuters) – Arc Minerals (ARCMA.L) said on Thursday that Anglo American (AAL.L) will take majority control of its Zambia copper-cobalt exploration licences. It marks the first new investment by Anglo in Zambia in 20 years.
Under the deal, which was first reported by Reuters, Anglo will take 70% of a joint venture with Arc that will own licenses to explore Zambia’s copper-rich North-Western province, an area that Anglo previously explored in the late 1990s.
Major mining firms are searching for new sources of the battery metals copper and cobalt, especially in the wake of the war in Ukraine and sanctions on Russia which has sent metal prices soaring.
Anglo American will pay $3.5 million into the joint venture upon signing. It will be able to retain its stake by spending $74 million on exploration within seven years of signing and making cash payments of $11 million into the JV, according to terms of the deal.
Arc Minerals previously had an exclusivity agreement with Anglo from July 2020 to July 2021, and when that lapsed Arc Minerals said it would start talks with other major miners which had approached it.
Zambia, Africa’s second-largest copper producer, has become a more attractive investment proposition for mining companies since the election last August of business-friendly President Hakainde Hichilema and a subsequent mining tax reform.
The country aims to more than triple its annual copper output within the next decade to 3 million tonnes a year.
(Reporting by Helen Reid; Additional reporting by Clara Denina; Editing by Christian Schmollinger and Edwina Gibbs)
ACC nab senior accountant, businessman
A LUSAKA based senior accountant has been arrested by the Anti-Corruption Commission (ACC) alongside a business man for possession of property suspected to be proceeds of crime.
Kasemuka Chiteta, a senior accountant stationed at police headquarters has since been charged with one count of possession of property suspected of being proceeds of crime.
ACC head of corporate communications Timothy Moono said in a statement that Kasemuka Chiteta on dates unknown but between 7th April, 2023 and 12th February 2024 in Lusaka District, concealed possession of a motor vehicle namely Toyota Landcruiser BAD4360 registered under the ownership of Chimuka Chibawe a Lusaka based businessman.
“In a similar development, the ACC has arrested and charged a Lusaka based businessman, Chimuka Chibawe of plot No. 136 C Kalomo road Chilenje” Mr Moono said.
He said Mr Chibawe has been charged with one count of Possession of Property Suspected of Being Proceeds of Crime contrary to Section 71 (1) of the Forfeiture of Proceeds of Crime Act No. 19 of 2010.
“Details of the offence are that, Chimuka Chibawe on dates unknown but between 7th April, 2023 and 12thFebruary 2024 in Lusaka, concealed possession of a motor vehicle namely Toyota Landcruiser BAD4360 registered under his names when the beneficial owner is Mr. Kasemuka Chiteta a Senior Accountant at Police Service Headquarters,” he said.
The pair has since been released on bond pending court appearance.
(Mwebantu, Thursday, 29th February, 2024)
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Delta Mines acquires 51% stake in Mopani Copper Mines in $1.1 billion deal.
DELTA Mines Plc, has concluded the acquisition of 51% shareholding in Mopani Copper Mines (MCM) translating into a US$1.1 billion investment into the mine.
In a statement, ZCCM-IH Corporate Affairs Manager Loisa Mbatha said ZCCM-IH will retain 49% shares in Mopani, with 3 out of 9 board seats while Delta will have 5 and government one seat
She said the approval was made during a Shareholder’s Extraordinary General Meeting (EGM) held in Lusaka last week.
“ZCCM Investments Holdings Plc (ZCCM-IH) shareholders have unanimously approved the Mopani Copper Mines Plc (Mapani) transaction where Delta Mining Limited (Delta), a subsidiary of International Resource Holdings (IRH), has agreed to acquire a 51% shareholding in Mopani for a total investment of up to US$1.1 billion,”she said.
ZCCM-IH Board Chairperson Kakenenwa Muyangwa said the transaction is a landmark achievement that delivers significant value to ZCCM-H, Mopani, and the Zambian people.
“It’s pleasing to note that IRH has committed to retain Zambian workers, including the management team, who will be complimented by new skills and expertise from Delta to facilitate the expansion of MCM production to 200, 000 tonnes per annum”, said Mr Muyangwa.
ZCCM-IH Board Director Phillippe Taussac who represents minority shareholders said that “the extinguishing of the Mopani $1.5billion debt that ZCCM-IH had guaranteed, will certainly lead to significantly improved financial performance for all ZCCM-H’s shareholders.
(Mwebantu, Tuesday, 27th February, 2024)