Kankoyo lawmaker backs Saudis to take over Mopani mines, says bid looks attractive

Kankoyo  Member of Parliament, Heartson Mabeta, has argued that the Saudi Arabian bid to take over Mopani Copper Mine (MCM ) looks too attractive to ignore.

Reuters had revealed that former Glencore employees had partnered with Saudi investors to put in a strong bid to take over Mopani while Sibanye Stillwater is reportedly partnering with a Chinese mining giant to rival competitors in the race to take over Mopani.

Mabeta, the Kankoyo United Party for National Development (UPND ) said ,” Our economy will continue being vulnerable to simple opportunistic infections such as a slight change on international oil prices as long as we continue delaying the inflow of fresh capital to revamp Mopani and Konkola Copper Mine (KCM).”

He said this in a post on his official social media handle on Friday, noting that the deal on the Mopani mine could have been postponed due to the last-minute bid by the Saudi nationals which appeared too good to be ignored.

Read more : mine needs US$1billion recapitalisation as chase for investors progresses, says Vibetti

“It is a matter of common sense that we shall not get a better deal more than a deal which will be backed by Saudi Arabia,” Mabeta said.

He observed that Copperbelt, being a sports provinces, would, no doubt, benefit from the experience of the Saudi nationals who were better placed to turn around the fortune of Maite and Nkana Football Clubs.

“We have seen their commitment to sports through the investment they have put in Manchester City football club, PSG and many other clubs in Europe.”

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