Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) shareholders have voted unanimously to approve the acquisition of a 51% stake in Mopani Copper Mines Plc by Delta Mining Limited (Delta).

The acquisition, valued at up to $1.1bn, underscores a strategic move aimed at enhancing ZCCM-IH’s participation in the copper mining sector and ensuring full transparency into Mopani’s operations, the Lusaka Times writes.

Approval came during the shareholder’s Extraordinary General Meeting convened in Lusaka on Friday (February 23). ZCCM-IH will retain a 49% stake in Mopani and fill three out of nine seats on its board. Delta, a subsidiary of International Resource Holdings, with have five seats and the Zambian Government one.

ZCCM-IH Board Chairperson Kakenenwa Muyangwa hailed the transaction as a significant milestone that delivers substantial value to ZCCM-IH, Mopani, and the Zambian people. He said it marks a pivotal moment for the domestic copper-mining industry, aligning with the country’s ambitious target of achieving 3 million metric tonnes of copper production per annum by 2032, according to the Lusaka Times.

Zambia is Africa’s number two copper and cobalt producer after the Democratic Republic of Congo (DRC). It holds stakes ranging between 10% and 20% in mining projects through ZCCM-IH. Foreign partners include Barrick Gold, Vedanta Resources and First Quantum Minerals.

The government has said it will be tougher in negotiating new mining contracts so it secures larger stakes through which it could raise more revenue to accelerate national development.

Meanwhile, in early February, the US-based mining start-up KoBold, which uses artificial intelligence to explore for green-energy transition minerals, announced the discovery of what may be Zambia’s “highest-grade” copper deposit in a century.