Zambia News

Professor Clive Chirwa Presents Opposition to Sale of Mopani Shares

Professor Clive Chirwa, renowned engineer and academic, has submitted a detailed opposition to the proposed sale of Mopani Copper Mines PLC shares during the upcoming ZCCM-IH Extraordinary General Meeting scheduled for 23rd February 2024 at 10:00hrs.

In his submission, Professor Chirwa vehemently opposes the proposal put forth by International Resources Holding RSC Limited to purchase 51% shares of Mopani for US$1.1 billion. Instead, he advocates for the retention of Mopani under 100% ownership by ZCCM-IH Plc, proposing a comprehensive plan for the revival of the mining company. Highlighting his extensive experience as an engineer and his recent visit to Mopani’s Mufulira division, Professor Chirwa expressed dismay at the deteriorating state of the company and emphasized the need for national interest-driven regeneration efforts.

Contrary to claims that financial constraints are hindering Mopani’s revival, Professor Chirwa argued that the company possesses adequate funds within its current monetary framework to address its challenges. He presented calculations illustrating the potential revenue generation through increased production and value addition, emphasizing the profitability of retaining Mopani as a Zambian-owned entity.

Professor Chirwa’s proposal focuses on leveraging Mopani’s production capabilities to capture a significant share of the African market for copper wire, which presents a lucrative opportunity for revenue generation. He emphasized the importance of adopting a business model centered around mining, value addition, and sales to maximize profits and national benefits.

Concluding his submission, Professor Chirwa adamantly declared his opposition to the sale of Mopani shares, citing the company’s considerable wealth and potential for growth. He urged Mopani to prioritize collaboration with Zambian stakeholders to achieve production targets and enhance value addition, emphasizing the message: “Mopani Not For Sale

Source: .zambiamonitor

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