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Zambia to Sell Stake in Equinox Minerals

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.

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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