Zambia court adjoins ZCCM to Sampa’s challenge on Mopani sale
A Zambian court adjoined the state-owned copper-mining company to a case brought by an opposition lawmaker challenging the sale of Mopani Copper Mines.
ZCCM Investments Holdings Plc was joined to the petition challenging the 2024 transaction on June 20, it said in a regulatory statement Thursday.
Miles Sampa, a former deputy commerce minister, contends that the transaction amounts to a disposal of a significant state asset and should have been subjected to prior approval by parliament, it said.
Sampa wants the court to declare the transaction unconstitutional, null and void.
ZCCM took control of Mopani from Glencore in 2021 after agreeing to pay the Swiss commodities giant $1.5 billion in a deal funded by debt.
Since then, ZCCM has been searching for a new investor to take over the Mopani assets.
A new owner for Mopani is expected to invest in raising copper output to about 200,000 tons per year by 2027.
(With files from Bloomberg and Reuters)
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2 Comments
Wilcliff Sakala
Your story is wrong in claiming that “ZCCM has been searching for a new investor to take over the Mopani assets.” Have you been sleeping since when ZCCM publicly announced and handed over 51% shareholding in Mopani to Delta Mining of Dubai?
Michael Musonda
Let the Court settle this issue rather this one saying that and that