Diversified miner Glencore has confirmed that its 81.2%-owned subsidiary Carlia Investments Corp has completed the the sale of its interest in Mopani Copper Mines to Zambian State-owned ZCCM Investment Holdings (ZCCM-IH).

Glencore retains offtake rights in respect of Mopani’s production.

ZCCM-IH notes in a separate statement that it is pleased that the conditions precedent to the transaction have been satisfied.

“ZCCM-IH is now the holder of 100% of the issued shares in Mopani, transforming the company from an investment company to owning and operating a multibillion-dollar mining asset in Zambia. The board looks forward to providing shareholders with further updates on Mopani in the coming months,” it states.

ZCCM-IH shareholders overwhelmingly (99.99%) nod the acquisition of 90% shares in mopani copper mines Plc from clarisa representing Glencore and FQM.

The Transaction was subjected to Shareholders’ approval during an Extraordinary General Meeting held yesterday virtually.

ZCCM-IH is now officially 100% owner of Mopani Copper Mines Plc, a move that is in line with the company’s new strategic plan 2020 – 2026.

Source : https://copperbeltkatangamining.com/glencore-confirms-completion-of-mopani-stake-sale/