LUSAKA, Jan 20 (Reuters) - Zambia's mining investment arm ZCCM-IH ZCCM.LZ expects to find a new investor for Mopani Copper Mines by the end of the year, the company and its top shareholder, the Industrial Development Corporation (IDC), said on Wednesday.
ZCCM-IH agreed on Tuesday to buy Glencore (LON:GLEN)'s majority stake in Mopani, taking on $1.5 billion in debt to do so. The state-owned company is seeking an external investor to fund expansion projects at the mine, which it hopes will boost annual copper output from a little more than 34,000 tonnes to 150,000 tonnes.
"We expect a strategic equity partner will be identified before the end of 2021," the IDC told Reuters.
ZCCM-IH Chief Executive Mabvuto Chipata said he agreed with that target.