26th Aug 2020 19:34
(Alliance News) - Zambia hopes to protect thousands of jobs in copper mines largely owned by global giant Glencore PLC by increasing its own stake, the country's mineral development minister told AFP on Wednesday.
Mines Minister Richard Musukwa said Glencore had agreed to the proposal to up the government's shareholding in its subsidiary Mopani Copper Mines from an existing 10%.
"We need to have more say in the running of Mopani... because we want to protect the jobs of our people," Musukwa told AFP by phone. "We want more shares."
In April MCM announced it was suspending operations at the mines for three months following a slump in the market and disruption caused by coronavirus.
Irritated by the decision, ministers threatened to suspend the company's operating license.
Meanwhile unions said the move would likely cost around 10,000 jobs.
Lusaka's existing 10% stake in MCM is held by its mining investment arm ZCCM-IH, .
Glencore controls 73.1% of MCM, which operates mines in the towns of Kitwe and Mufulira in the central Copperbelt province. The remainder is owned by another international investor, Canada-based First Quantum Minerals.  Â
source: AFP
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