Glencore, the owners of Mopani Copper Mines has rescinded its decision to put mines in Kitwe and Mufulira under on care and maintenance.
Mopani will instead write informing the Director of Mines of its intention to place the two mining operations on care and maintenance in 90 days, while still in dialogue with Government on possible solutions.
This follows a meeting held via video conferencing between a Team of Cabinet Ministers and Top Executives of Glencore this afternoon.
This is according to a statement by Mines and Minerals Development Permanent Secretary Barnaby Mulenga.
And Government has allowed Mopani Chief Executive Officer Nathan Bullock to leave the country and Charles Sakanya has since been appointed to Act as CEO.
Mr Mulenga said Mopani Copper Mines will also avail the Government a detailed plan on how they intend to proceed in the 90 days period and possibly beyond.
He said Mine Management has also sought relief on a number of issues mostly related to tax and in particular VAT.
Mr Mulenga said the Minister of Finance will respond to these issues raised once he studies them.
He said Mopani will defer some non-production activities and reduce on capital expenditure in a bid to unlock some cash flow.
Mr Mulenga said Government applauded the gesture of goodwill from Glencore to rescind its earlier decision and opting for dialogue.
Those that were part of the meeting are Mines Minister Richard Musukwa, Minister of Finance Dr Bwalya Ng’andu, Minister of Labour and Social Security Joyce Simukoko, while Glencore Executives included Mark Davis, Mike Westerman and Nico Paraskeva.