By NATION REPORTERMopani has dispelled assertions that Glencore, its former owners, had pumped in money to help the mine cover expenses.According to company executives, Glencore is not supporting Mopani Copper Mines.When contacted to explain how Glencore had come to its rescue, the mining giant refuted the allegations and referred to its Chief Executive Officer Charles Sakanya’s earlier remarks on the matter. Mr Sakanya dispelled a report by Reuters that the Mining and commodity trading giant Glencore had given loans covering some of Mopani’s costs.Mr Sakanya acknowledged that Mopani owed some money and could not say how much the figure was because it was constantly kept changing.“We had to renegotiate agreements with suppliers, copper concentrate purchase contracts, letters of credit and overdrafts after the change in ownership. Those negotiations, along with a breakdown at the north shaft in March, resulted in delayed payments,” he said.The Mine needs US$300 million investment to expand, boost production Copper production expected […]
‘Glencore not supporting Mopani’
