{"id":58872,"date":"2024-02-27T21:13:39","date_gmt":"2024-02-27T21:13:39","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/mopani-acquisition-is-a-scandal-that-will-cause-untold-misery-to-many-in-due-course"},"modified":"2024-02-27T21:29:04","modified_gmt":"2024-02-27T21:29:04","slug":"mopani-acquisition-is-a-scandal-that-will-cause-untold-misery-to-many-in-due-course","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/mopani-acquisition-is-a-scandal-that-will-cause-untold-misery-to-many-in-due-course","title":{"rendered":"Mopani Acquisition Is a Scandal That Will Cause Untold Misery To Many In Due Course"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>The acquisition of Mopani Copper Mines by Delta Mining Limited is a scandal that many will regret in due time. So far in this particular week, this is the most bizarre announcement that the country has heard and ought to pay attention to.<\/p>\n

Listen to part of paragraph one of the announcement. \u201chas agreed to acquire 51% of shareholding of Mopani for an investment total of up to $1.1 billion.\u201d<\/p>\n

This statement above is one that is simple but very tricky. I will try to explain it below according to my understanding. (1) Before this transaction, Mopani was wholly owned by Zambians through ZCCM \u2013 IH.<\/p>\n

(2) Upon acquisition, 51% of shareholding moves from the Zambian people to Delta Mining Limited. This means the control of the mines moves instantly to Delta.<\/p>\n

(3) From now on, all future dividends will accrue to new shareholders in line with current shareholding structure.<\/p>\n

(4) Now, what has Delta given to the existing shareholders as consideration for them to give up their controlling stake in the mine? According to the announcement as referred to above, Delta is giving a promise to invest up to a total of $1.1 billion. This is one of the most silly expressions that I have ever seen in such transactions.<\/p>\n

My question is \u2013 once Delta invests $1.1 billion in Mopani, and the mine starts to perform, and consequently the mine starts to issue dividends, who will be receiving those dividends? Is it not Delta itself? If the answer is that it is Delta that will be receiving those dividends, how then can an investment into its own company be considered as consideration for Zambians to give up a controlling stake in the mine?<\/p>\n

This is like someone coming to takeover your house and saying, \u201cI will construct a wall fence to the house, and I will also put pavers and then you will remain with a servants quarter as your 41%.\u201d And then as the original owner, you are paid nothing. All you are waiting for is that wall fence and pavers as a payment for giving up the main house, the 51%. If this this is not foolishness then I don\u2019t know what is.<\/p>\n

And once new tenants come in, the one who took over your house will receive rental income from the main house while you receive your rental income from the servants quarter. We have been taken for granted on this. This is one of the most audacious Zambian company transactions I have heard about since privatization.<\/p>\n

Let me end by reminding the investor that Article 210 of the Constitution awaits you. Even though the people know about the attempt to mutilate the constitution by making haste amendments to it, owing to the fear of what may come due to such transactions may be under way, I strongly recommend that investors should take due care. This advise is hearty from my point of view.<\/p>\n

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

Africa-Press – Zambia. The acquisition of Mopani Copper Mines by Delta Mining Limited is a scandal that many will regret in due time. So far in this particular week, this is the most bizarre announcement that the country has heard and ought to pay attention to. Listen to part of paragraph one of the announcement. […]<\/p>\n","protected":false},"author":84,"featured_media":58870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,25,6],"tags":[234,235,233],"class_list":["post-58872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-featured","category-files","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nMopani Acquisition Is a Scandal That Will Cause Untold Misery To Many In Due Course - Zambia<\/title>\n<meta name=\"description\" content=\"The acquisition of Mopani Copper Mines by Delta Mining Limited is a scandal that many will regret in due time. 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