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The sale of 70 percent of Zambia’s copper mining industry is now scheduled to be completed by the end of this month, South African-owned Anglo American reportedly said on Wednesday. The sale would be entered into between the government-owned Zambia Consolidated Copper Mines (ZCCM) and Zambia Copper Investments (ZCI), a unit of Anglo American.
“Subject to the fulfilment of remaining conditions, which include the approval of ZCI shareholders, completion of the transactions are now scheduled to occur on 31 March,” Anglo and ZCI reportedly said in a joint statement.
Konkola Copper Mines plc, a subsidiary of ZCI, will acquire ZCCM’s assets of Nchanga, Konkola and Nampundwe mines in which ZCI will hold a 65 percent stake, the reports added. The International Finance Corporation and the Commonwealth Development Corporation will each hold a 7.5 percent interest in Konkola Mines plc while ZCCM will retain a 20 percent stake in the company.
The deadline for the sale has since been postponed twice after Anglo and the Zambian government signed heads of agreement on the transfer of the assets in early January.
This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions