{"id":57342,"date":"2024-02-03T20:54:27","date_gmt":"2024-02-03T20:54:27","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/finance-ministers-revelation-elates-zuped-that-mopani-copper-mines-will-be-handed-over-to-the-investor-by-the-end-of-this-month"},"modified":"2024-02-03T21:09:07","modified_gmt":"2024-02-03T21:09:07","slug":"finance-ministers-revelation-elates-zuped-that-mopani-copper-mines-will-be-handed-over-to-the-investor-by-the-end-of-this-month","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/finance-ministers-revelation-elates-zuped-that-mopani-copper-mines-will-be-handed-over-to-the-investor-by-the-end-of-this-month","title":{"rendered":"FINANCE MINISTER\u2019S REVELATION ELATES ZUPED\u2026..that Mopani Copper Mines will be handed over to the investor by the end of this month"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Zambia. <\/strong><\/span>The Zambians for Unity Peace and Development (ZUPED) says the revelation by the Minister of Finance and National Planning Dr. Situmbeko Musokotwane that Mopani Copper Mines will be handed over to the investor by the end of this month is gratifying.<\/p>\n<p>ZUPED President Ronnie Jere tells Smart Eagles via telephone that the handing over will mean that there will be inflow of foreign currency in the country.<\/p>\n<p>Speaking at a 2023 Budget Review Dr. Musokotwane said Zambia\u2019s foreign exchange performance is poised to improve as the two major mines namely Mopani and Konkola Copper Mines begin production.<\/p>\n<p>\u201cThis is the news that we want to hear because like he has mentioned, the handing over will mean that there will be inflow of foreign currency in the country. This will also mean that our kwacha will stabilize. As you maybe aware, our kwacha is running at K27 to a single US dollar and it has been depreciating for quiet some time,\u201d said Mr Jere.<\/p>\n<p>\u201cWe are also happy that he (Dr Musokotwane) has mentioned that for the past two weeks Mopani Cooper Mine pumped in over US$80 million to pay the local creditors. We hope that now that they are paying creditors, this will help cushion on the depreciation of the kwacha.\u201d<\/p>\n<p>He was also elated upon hearing that the Minister mentioned another US$50 million that will be pumped in the next weeks to come by Mopani mine. \u201cThis will mean that all altogether it will come to over US$130 million pumped in Zambia. We hope this money will help cushion the depreciation of the kwacha,\u201d he added.<\/p>\n<p>\u201cWe are grateful to hear about Konkola Copper Mines also being on the ladder and the Minister is confident that within week\u2019s depending on the creditors and Vedanta agreeing in the courts, Vedanta Resources will also be pumping in over US$220 million. This is great and we will continue to monitor.\u201d<\/p>\n<p>Mr Jere indicated that the Minister of Finance from his mouth has mentioned that February month-end, they should be handing over Mopani to it\u2019s investors. He emphasized that his organization will monitor this progress.<\/p>\n<p>\u201cBecause in the past government would say this and do the opposite. A good example is the issue surrounding KCM. They had said that they will finalize the handing over of KCM to Vedanta within three months and today we are in the firth month without any action. We hope that this is not just a talk show, the economic symposium is a very important platform and people should not politic at that level of fora,\u201d he concluded.<\/p>\n<p>\u201cWe hope that the Minister is serious about what he is saying and we will be able to know whether that is true or not by the end of the month.\u201d<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/zambia\">Zambia<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Zambia. The Zambians for Unity Peace and Development (ZUPED) says the revelation by the Minister of Finance and National Planning Dr. Situmbeko Musokotwane that Mopani Copper Mines will be handed over to the investor by the end of this month is gratifying. ZUPED President Ronnie Jere tells Smart Eagles via telephone that the [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":57341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,235,233],"class_list":["post-57342","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":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FINANCE MINISTER\u2019S REVELATION ELATES ZUPED\u2026..that Mopani Copper Mines will be handed over to the investor by the end of this month - Zambia<\/title>\n<meta name=\"description\" content=\"The Zambians for Unity Peace and Development (ZUPED) says the revelation by the Minister of Finance and National 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