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ZCCM-IH Shareholders Endorse 90% Acquisition in Zambia's Mopani
By Reuters Staff
SHAREHOLDERS IN ZAMBIA’S ZCCMIH (Zambia Consolidated Copper Mines) have overwhelmingly supported its acquisition of a 90% stake in Mopani Copper Mines (MCM), the stateowned mining investment fi rm said on Wednesday.
Glencore agreed the sale of its majority stake in Mopani to ZCCM-IH in a $1.5 billion deal, the miner and trader said in January.
The extraordinary general meeting vote on the resolution was the last condition towards the completion of the transaction and ZCCM-IH now holds 100% ownership of Mopani, ZCCM-IH said in a statement.
The deal is funded by borrowings from Carlisa Investments Corp - a British Virgin Islands-based company through which Glencore holds its stake - and other members of the Glencore group.
With increased ownership, ZCCM-IH would now be an active participant in the global industry as copper becomes a critical metal, ZCCM-IH Chief Executive Mabvuto Chipata said.
“Mopani will repay the remaining debt of $1.5 billion from its own cashfl ows and the repayment is expected to happen well within the remaining life of the mine,” Chipata said.
Glencore said in a separate statement it would continue to retain off take rights in respect of Mopani’s production. ZCCM-IH has said it expects to fi nd a new investor for Mopani by the end of the year as it looks to boost copper output from a little more than 34,000 tonnes to 150,000 tonnes.
www.reuters.com/ article/uk-mopanicopper-m-a-zccm-ih/ zccm-ih-shareholdersendorse-90-acquisitionin-zambias-mopaniidUSKBN2BN1UZ
By ogrepublic
an agreement between the
Nigerian National Petroleum
King Mohammed VI and Nigerian President Muhammadu Buhari Corporation (NNPC) and Morocco’s National Board of THE HEADS OF STATE OF NIGERIA AND Hydrocarbons and Mines (ONHYM), and is MOROCCO have reaffi rmed their commitment to expected to improve access to energy across the the construction of a joint gas pipeline – according West African region while facilitating gas exports to a report from Morocco World News. to Europe.
During a telephone conversation with King NNPC and ONHYM presented the pipeline Mohammed VI recently, Nigerian President proposal at a special meeting of the Economic Muhammadu Buhari expressed his country’s Community of West African States in August determination to materialize, “as soon as possible,” 2019. the Nigeria-Morocco gas pipeline project. The project of the Nigeria-Morocco gas pipeline,
The conversation between the two heads of meanwhile, has been progressing at a fast pace state was a solid indicator that Nigeria, which since it was proposed in December 2016. In less was considering two similar projects — one with than fi ve years, the project has reached the second Morocco and another with Algeria — has made up phase of front-end engineering design. its mind about which project is best. In 2019, after Morocco’s National Offi ce for
The project of the Nigeria-Morocco gas pipeline Hydrocarbons and Mines (ONHYM) and the has been competing for a few years with the Nigerian National Petroleum Corporation (NNPC) Nigeria-Algeria pipeline project, known as the ended their feasibility study, the Economic Trans-Saharan pipeline. From Morocco’s and Community of West African States (ECOWAS) Algeria’s perspectives, the contest was especially spoke positively of the project and expressed its fi erce because it is highly unlikely for Nigeria to readiness to assist its implementation. materialize two projects with similar, even identical For many observers, the Nigeria-Morocco objectives. pipeline has garnered international support
The pipeline – estimated to cost $25 billion – will because it would not only benefi t the countries serve as an extension of the existing West African launching the project, but all the West African Gas Pipeline currently serving Benin, Togo and states located off the Atlantic coast. Ghana, as well as connect with Spain through https://oilandgasrepublic.com/nigeria-moroccoCádiz. gas-pipeline-to-materialize-as-soon-as-possible-
The 5,660-km pipeline is the brainchild of heads-of-state
