Sibanye-Stillwater ( NYSE: SBSW ) is interested in Zambia's Mopani Copper Mines , the complex looking for new investors after Glencore sold the asset to the state last year, CEO Neal Froneman said Wednesday.
The CEO said the company likes Zambia, "we like what the new president is doing there," referring to President Hakainde Hichilema, who was elected in August 2021 and has pushed mining tax reforms in a bid to attract new investment and boost production in Africa's second largest copper producer.
The 90-year-old Mopani mine has the potential to produce 225K metric tons/year of copper, nearly triple its expected 2022 production, but it needs at least $300M to fund a complicated underground expansion.
Sibanye-Stillwater ( SBSW ) shares -2.4% in Wednesday's trading, after gaining 10% in the two previous sessions as metals prices rallied .
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Sibanye-Stillwater eyeing Zambia's Mopani Copper Mines, CEO says