Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Glencore has completed selling 90pc of its stake in Mopani Copper Mines to ZCCM Investments Holdings LLC through the former’s subsidiary Carlisa Investments Corp.


The global miner noted in a statement on Thursday that it has made an off-take agreement with Mopani for the mine’s future production.


Glencore holds an 81.2pc stake in Carlisa Investments and the company was mulling divesting from Mopani since August 2020, after it wrote off losses worth $1.14bn from this project in the first half of 2020. The mine’s unprofitable streak began in 2019 when it produced only 51,000mt of copper as against the expected 140,000mt even after Glencore’s substantial investments in mining equipment.

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