The sale of the Zambian copper mines to the giant South African mining house, Anglo American, is unlikely to go ahead until February because of delays in securing financing and possible staff retrenchments, news reports said on Wednesday.
Anglo American and the Zambian government had originally set a 31 January deadline for the deal. Under the proposed deal Anglo would take an 80 percent stake in three major mining operations which are owned by Zambia Consolidated Copper Mines (ZCCM). Konkola, Nchanga and Nampundwe account for an estimated 70 percent of Zambia’s total copper production.
“From evidence available, the conclusion date cannot be January 31,” a senior ZCCM official told Reuters. “There are a few pending issues...A date in late February is the target.”
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