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HomeBusinessMopani deal to boost economic growth - Hamududu

Mopani deal to boost economic growth – Hamududu

Party for National Unity and Progress (PNUP)president Highvie Hamududu says unlocking Mopani Copper Mine(MCM) will boost the economic growth and enhance welfare of the people through the creation of over 3000 jobs.

Mr Hamududu said in a Facebook post that opening MCM is a sigh of relief towards macroeconomic stability of the economy.

Abu Dhabi’s International Resources Holding (IRH) formally completed its acquisition of Mopani at a ceremony in Kitwe attended by President Hakainde Hichilema on Thursday.

Government has been on the look-out for a new strategic partner since ZCCM-IH, the State mining investment firm, took control of the mine from Swiss multi-national commodity trading and mining company Glencore in 2021 in a US$1.5 billion debt-funded deal.

IHR, chosen as a partner in December last year, has taken a 51 percent stake in Mopani while ZCCM-IH has retained 49 percent.

Mr Hamududu also said if Konkola Copper Mine(KCM) can be unlocked quicker than later the path towards attaining macro-economic stability will be more feasible.

“Copper mining remains the main economic multiplier, not withstanding the fact that a more robust drive towards economic diversification is long overdue,” he said.

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