{"id":53216,"date":"2023-12-04T19:19:35","date_gmt":"2023-12-04T19:19:35","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-ceo-says-zambias-mopani-copper-mines-investment-not-onerous-2"},"modified":"2023-12-04T19:44:38","modified_gmt":"2023-12-04T19:44:38","slug":"sibanye-ceo-says-zambias-mopani-copper-mines-investment-not-onerous-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-ceo-says-zambias-mopani-copper-mines-investment-not-onerous-2","title":{"rendered":"Sibanye CEO says Zambia\u2019s Mopani Copper Mines investment not \u2018onerous\u2019"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Sibanye Stillwater which is among investors bidding to buy Mopani Copper Mines, said the amount of money required to expand output and run the Zambian assets profitably is not \u201conerous.\u201d<\/p>\n

The Johannesburg-based precious metals producer is on the shortlist of potential buyers for the copper mines owned by a unit of the Zambian government. A new owner for Mopani is expected to invest in raising copper output to about 200,000 tons per year by 2027.<\/p>\n

Sibanye\u2019s own studies at Mopani as part of the due diligence process indicate that about $1 billion investment is required over four to five years, Neal Froneman, the CEO for the South African platinum mining giant, told Reuters.<\/p>\n

\u201cIt sounds like a big number but over five years that\u2019s probably $200 million per year. Its not onerous, its an investment into the asset and that\u2019s for the benefit of everybody,\u201d Froneman said in an interview.<\/p>\n

Zambia\u2019s state-owned firm ZCCM took control of Mopani from Glencore in 2021 after agreeing to pay the Swiss commodities giant $1.5 billion in a deal funded by debt.<\/p>\n

Since then, ZCCM has been searching for a new investor to take over the Mopani assets. The government had initially said a process to sell the mines being managed by Rothschild & Co would be concluded by July. The process is \u201cstill ongoing\u201d and Sibanye is engaging the government through the ZCCM, Froneman said.<\/p>\n

RMB Morgan Stanley analysts have said that Sibanye\u2019s rapid expansion in battery metals, including assets in Europe and the U.S. as well as the bid for Mopani, could pressure its finances and threaten future dividend payouts.<\/p>\n

It is also seeking to turn around its palladium mines in the U.S. that were hit by flooding last year. \u201cCombining the battery metal portfolio build-out with development of two deep-level mines in South Africa and the ongoing Stillwater turnaround effort, Sibanye\u2019s plate currently appears crammed full,\u201d the analysts said.<\/p>\n

Froneman said the company would not take risks. \u201cThis perception that\u2019s created that M&A is high risk, but we have always said if there is no cash, there is no way of funding and we don\u2019t do it,\u201d he said.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Sibanye Stillwater which is among investors bidding to buy Mopani Copper Mines, said the amount of money required to expand output and run the Zambian assets profitably is not \u201conerous.\u201d The Johannesburg-based precious metals producer is on the shortlist of potential buyers for the copper mines owned by a unit of the […]<\/p>\n","protected":false},"author":84,"featured_media":53214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,235,233],"class_list":["post-53216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nSibanye CEO says Zambia\u2019s Mopani Copper Mines investment not \u2018onerous\u2019 - Zambia<\/title>\n<meta name=\"description\" content=\"Sibanye Stillwater which is among investors bidding to buy Mopani Copper Mines, said the amount of money required to exp ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-ceo-says-zambias-mopani-copper-mines-investment-not-onerous-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sibanye CEO says Zambia\u2019s Mopani Copper Mines investment not \u2018onerous\u2019\" \/>\n<meta property=\"og:description\" content=\"Sibanye Stillwater which is among investors bidding to buy Mopani Copper Mines, said the amount of money required to exp ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-ceo-says-zambias-mopani-copper-mines-investment-not-onerous-2\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-04T19:19:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-04T19:44:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/12\/sm_1701705590.481439.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-ceo-says-zambias-mopani-copper-mines-investment-not-onerous-2#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-ceo-says-zambias-mopani-copper-mines-investment-not-onerous-2\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Sibanye CEO says Zambia\u2019s Mopani Copper Mines investment not \u2018onerous\u2019\",\"datePublished\":\"2023-12-04T19:19:35+00:00\",\"dateModified\":\"2023-12-04T19:44:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-ceo-says-zambias-mopani-copper-mines-investment-not-onerous-2\"},\"wordCount\":387,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-ceo-says-zambias-mopani-copper-mines-investment-not-onerous-2#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/12\/sm_1701705590.481439.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-ceo-says-zambias-mopani-copper-mines-investment-not-onerous-2#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-ceo-says-zambias-mopani-copper-mines-investment-not-onerous-2\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-ceo-says-zambias-mopani-copper-mines-investment-not-onerous-2\",\"name\":\"Sibanye CEO says Zambia\u2019s Mopani Copper Mines investment not \u2018onerous\u2019 - 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