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Negotiations for new Mopani/KCM mine owners still ongoing

Minister of Mines and Minerals Development, Paul Kabuswe

Minister of Mines and Minerals Development, Paul Kabuswe says the announcement of a new investor to take over Mopani and KCM will be done soon after negotiations are concluded.

Mr Kabuswe says the meetings with the potential investor are still on-going and once the negotiations with the rightful investor are concluded, the announcement will be made.

Speaking during a press briefing in Lusaka, Mr Kabuswe said his office will continue updating the nation on the status of the negotiations.

He explained that government wants to settle for an authentic investor for KCM and Mopani Mines in a quest to have a formidable investor(s) who can benefit all Zambians.

“The delay to conclude negotiations with possible investors to take over KCM and Mopani Mines is because government wants to settle for a serious and professional one, who is going to deliver to Zambians,” he said.

Mr Kabuswe also indicated that government will continue to stiffen laws regarding the management of mines and minerals in the country  to stop illegal mining activities.

He said currently, his Ministry is tying all the loose-ends in a bid to manage the mineral resources which are illegally mined by a few unscrupulous individuals.

And Mr Kabuswe disclosed that his Ministry is coming up with the minerals Commission, which will act as a regulator for the minerals in the country.

He noted that the draft of the memo is currently at Cabinet office pending approval.

He said for the country to ramp- up copper production to the projected three million tonnes per year in the next 10 years, suitable investors are needed to meet the set target.

The announcement of a new investor to take over the operations of the two mining giants KCM and Mopani was supposed to be made on Monday July 31, 2023 by Minister of Mines and minerals Development, Paul Kabuswe.