First Quantum Minerals’ CEO doesn’t see any nationalisation risk in Zambia after deal on Mopani copper mines.
• In January 2021, the state mining investment arm ZCCM-IH has taken full control of Mopani Copper Mines in lieu of US$1.5 billion debt.
• Glencore retained the mine's copper mining rights under the deal, and ZCCM IH agreed to repay the principal amount by providing 3% gross revenue of Mopani mine to Glencore creditors.
• Last November, Zambia became the first sovereign default of Africa since the coronavirus pandemic struck. Nickel soaring at six-year highs on demand surge Nickel prices have hit the highest levels on London Metal Exchange (LME) since 2014 on the back of robust battery demands outlook in 2021.
• Nickel prices surged to US$18,837 per tonne on 17 February 2021, the highest since 2014.
• China is the leading consumer of Nickel with the highest rate of industrialisation and investment in infrastructure.
• Recently, the leading EV maker Tesla confirmed its enter in the Indian market, which further added fuel into the already shining Nickel prices. Skellerup Holdings Limited has announced several positive results in its interim half-year 2021 report. The manufacturer of rubber components for agricultural and industry, has outperformed its expectations across every segment of the business.
• Agricultural division earnings up 56% on the previous corresponding period.
• Industrial division earnings up 52% on the previous corresponding period.
• The growth in revenue is primarily coming from its international customers.