ZCCM Investments Holdings Plc (ENXTPA:MLZAM) is seeking to increase its stake in Mopani Copper Mines Plc of Glencore plc (LSE:GLEN), Mines Minister Richard Musukwa said. The government has set up a team to liaise with ZCCM Investments Holdings on the negotiations with Glencore, and the Lusaka-based company is in the process of hiring a transaction adviser, he said in comments broadcast by privately owned Phoenix FM radio. State-controlled radio cited Musukwa as saying that the state company wanted a majority stake.

“ZCCM-IH, a shareholder in Mopani Copper Mines Plc, has submitted an expression of interest to acquire additional shares in Mopani,” Musukwa said. “Glencore has since responded favorably.” “Glencore can confirm that it is in discussions with existing Mopani shareholder ZCCM-IH and other shareholders regarding the potential acquisition of additional shares by ZCCM-IH from Glencore,” the global commodities company said. “The discussions are progressing and further updates will be issued as appropriate”.