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(Adds ZCCM-IH comments)
LUSAKA/JOHANNESBURG, Jan 19 (Reuters) - Glencore
has agreed the sale of its majority stake in Mopani Copper Mines
to Zambia's mining investment arm ZCCM-IH in a $1.5 billion
deal, the miner and trader said on Tuesday.
The deal is funded by borrowings from Carlisa Investments
Corp - a British Virgin Islands based company through which
Glencore holds its stake - and other members of the Glencore
group, the company said.
Glencore said that after completion of the sale of its 73%
stake it would retain offtake rights of Mopani's copper
production until the transaction debt had been repaid in full.
At a ceremony in Lusaka, ZCCM-IH Chairman Eric Silwamba said
the company would acquire 90% of Mopani from Carlisa Investments
Corp, bringing ZCCM-IH full control of the company. ZCCM-IH
previously held 10% of Mopani.
Zambia's mines minister Richard Musukwa said that more than
15,000 workers would have lost their jobs if the mine was
closed.
The sale comes after Glencore last year tried to suspend
operations at Mopani due to low copper prices and COVID-19
disruptions, angering the government, which threatened to revoke
the company's mining licences.
Glencore said it holds 81.2% of the shares in Carlisa. First
Quantum Minerals, which previously held 16.9% of Mopani,
did not immediately respond to a request for comment.
(Reporting by Chris Mfula in Lusaka; Writing by Helen Reid in
Johannesburg; Editing by Alison Williams and Louise Heavens)
