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Zambia Seeks Control of Glencore’s Local Copper Mines

Finance Yahoo - Zambia’s state-owned mining investment company is seeking to buy a controlling stake in Glencore Plc’s local copper unit to keep the operations running and protect jobs, Mines Minister Richard Musukwa said.

The government has set up a team to help ZCCM Investments Holdings negotiate with Glencore, and the Lusaka-based company is in the process of hiring a transaction adviser, the minister said in an emailed statement.

“ZCCM-IH, a shareholder in Mopani Copper Mines Plc, has submitted an expression of interest to acquire additional shares in Mopani,” he said. “Glencore has since responded favorably.”

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