By Mubanga Mubanga
Mopani Copper Mines needs only an investment of $200 million dollars every year for five years.
This will make the mine to operate profitably, South African mining giant Sibanye-Stillwater has said.
Speaking to Reuters, Sibanye-Stillwater chief executive officer Neal froneman said it had conducted it’s own due diligence process of the mine.
“Sibanye’s own studies at Mopani as part of the due diligence process indicate that about $1 billion investment is required over four to five years.
He further said $1billon may sound like a big number, but it was worth investment into the asset, because it will benefit everybody.
“It sound like a big number but over five years that is probably $ 200 million dollars per year.’ It’s not onerous, it’s an investment into an asset and that is the benefit of everybody,” he said.
He added that the process is ongoing and Sibanye is currently engaging with government through ZCCM IH.
Sibanye-Stillwater is one of the mining companies which have thrown a bid for the buying of Mopani copper mines.
Mopani is currently owned 100 percent by government, after Glencore the previous owners of the company sold their shares to government for $1.5 billion dollars through debt equity swap in 2021.
Government through ZCCM lH been searching for an investor to take over the assets of Mopani copper mines, which is currently managed by Ruthchild & Co.
