Sibanye Stillwater, which is among investors bidding to buy Mopani Copper Mines, said the amount of money required to expand output and run the Zambian assets profitably isn’t “onerous”.
Sibanye’s own studies at Mopani as part of the due diligence process indicate that about $1 billion investment is required over four to five years, Neal Froneman, the CEO for the South African platinum mining giant, told“It sounds like a big number but over five years that’s probably $200 million per year. Its not onerous, its an investment into the asset and that’s for the benefit of everybody,” Froneman said in an interview.
Since then, ZCCM has been searching for a new investor to take over the Mopani assets. The government had initially said a process to sell the mines being managed by Rothschild & Co would be concluded by July.