Please note: you are viewing an old version of this deal. The current version can be found here: Deal #4766

Deal #4766 Version #69326

Zambia

Created at

2015-09-10

Last update

2016-08-05

Last full update

2017-01-27

Land area

Intended size

19 101 ha

Size under contract (leased or purchased area)

[2000, current] 19101.0 ha

Comment on land area

Mopani is the largest copper mines in Zambia.

Intention of investment

[current] Mining

Nature of the deal

Exploitation permit / license / concession (for mineral resources)

Comment on nature of the deal

Large Scale Mining License, Registration No. LML 32

Negotiation status

[2000, current] Concluded (Contract signed)

Comment on negotiation status

Previously state-owned, was privatized in 2000.

Implementation status

[current] In operation (production)

Comment on implementation status

The company announced in September 2015 it was halting production at its Mopani operation in Zambia for 18 months, as part of its new debt reduction plan. The company will use the period to develop and modernise the shafts, which have been lossmaking since the price of copper dropped to below $6,000 a tonne. Glencore plans to invest $500m over the next 18 months as it develops three new shafts, raising the mine’s output to about 140,000 tonnes per annum while reducing production costs. In August 2016 the company announced that it halted production at all its operations after four miners were killed in separate accidents.

Leasing fees

Comment on leasing fee

There are allegations that the company is not paying tax on profits.