Zambian President Edgar Lungu on Friday said the government has concluded talks with Glencore, the Anglo-Swiss multinational commodity trading and mining company, regarding its desire to increase its stake in its mining operations in the country.
The government, through its investment agency, the Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) currently holds 10 percent in Mopani Copper Mine while Glencore owns 73.1 percent with the other 16.9 percent owned by First Quantum Minerals.
The Zambian president said the conclusion of talks will bring certainty to the workers and the industry.
The Zambian president was speaking when he addressed workers at the mining firm in Kitwe city on the Copperbelt Province, according to the state broadcaster, the Zambia National Broadcasting Corporation.
The government, he said, will next week sign an agreement with Glencore following the conclusion of the talks and that the government will do its part to ensure the mining firm remains afloat.
The government recently expressed its desire to increase its stake in some of the mining operations in the country.
Minister of Mines and Minerals Development Richard Musukwa said recently that the 10 percent stake held in some mining firms was not sufficient. Enditem