Posted in | News | Copper

Zambia to Sell Stake in Equinox Minerals

By Joel ScanlonJun 8 2011

Africa’s largest copper producing nation, Zambia, has agreed to sell its stake in 2.28% stake in Equinox Minerals for $160 million. This is part of Barrick Gold Corporation’s unconditional approval for taking over Equinox Minerals.

The money generated from the sale will be used to finance other mining interest as per the Finance Minster Situmbeko Musokotwane. He added that part of the money would be used to pay off state owned mining company Consolidated Copper Mines Investment Holdings Plc’s debt.

Minster Situmbeko Musokotwane was speaking on phone from Lusaka when he made the statement. He did not however mention which mining projects they were looking to invest in. As the deal goes through Barrick Gold Corporation will take over the Lumwana mine in Zambia as well.

Initially the government had resolved to keep its 2.28% stake in Equinox Minerals but the new owners were reluctant to agree to the condition. The back step by the government has not gone unnoticed in parliament where a demand for the decision to sell its stake is being sought by interested members of parliament. Opposition members feel that the money may end up being spent on election campaigns rather than in sensible mining ventures as investment.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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