Mopani pays almost 100% of its debt to contractors and suppliers!

As Constitutional lawyer, John Sangwa, says while the sale of Mopani is a fantastic deal, it remains an illegal transaction.

Lusaka, April 13 – The Association of Mine Suppliers and Contractors has revealed that Mopani Copper Mines’ payments to its members are nearly at 100 percent.

In January this year, Mopani Copper Mines began settling overdue payments to contractors and suppliers following the influx of cash from ZCCM-IH’s new strategic equity partner in Mopani, International Resources Holding – IRH.

Also Read: Delta Mining Ltd. gets 51% shares in Mopani!

According to Association President, Costa Mwaba, Suppliers and Contractors have been receiving weekly payments since then, with debts almost entirely cleared.

Mr. Mwaba says there are only two types of payments that have yet to be cleared which are the thirty-day invoices and legacy debts with legal concerns.

He has subsequently called on association members, and any suppliers and contractors who may not have received payment, to follow up, as documents show that the mine has nearly fully paid.

In a related development, speaking when he featured on the Conversation Podcast on Thursday, Constitutional lawyer, John Sangwa, said the Mopani Copper Mines has been sold contrary to Government’s claims that there was no sale and that the transaction is illegal because it did not have Parliamentary approval as prescribed by the Constitution.

“On paper as it stands, it is a fantastic deal. Better than KCM, better than possibly any other deal that has been struck. But unfortunately, that transaction is illegal, it’s unconstitutional,” he reiterated.

Also Read: Kwacha could hit K15 to a Dollar in the last half of this year!

Meanwhile, Sangwa says President Hakainde Hichilema has no right to sell the Gulfstream G650 presidential jet because it is a national asset.

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