Zambia to decide on new Mopani Copper Mines investor in October - source

The Zambian government is expected to make a final decision on the sale of Mopani Copper Mines this month, securing a new investor for the assets it bought from Glencore in 2021, a source with knowledge of the matter told Reuters.

Zambia's Mines Minister Paul Kabuswe had initially said a new investor for the copper mines, which are struggling to make a profit, would be selected by the end of July.

The process has been delayed by complex negotiations, as it also involves Glencore, which Mopani owes money, the source said. Glencore has previously said it will not comment on the sales process as it has exited the assets.

ZCCM IH, a unit of the Zambian government, is being advised by Rothschild & Co on the Mopani sale.

It has presented investment proposals to the government that include South African platinum miner Sibanye Stillwater , an investor from United Arab Emirates with links to International Holding Company (IHC), and China's Zijin Mining Group, the source said.

The process is nearing completion, with ZCCM and the government expected to finally make the selection this month.

ZCCM took control of Mopani from Glencore after agreeing to pay the Swiss commodities giant $1.5 billion in a deal funded by debt.

Zambia's president Hakainde Hichilema wants new investors in Africa's second-largest copper producer and aims to triple output of the metals key to the clean energy transition and to driving growth in battery electric vehicles.