Glencore PLC is expected to sell all of its 73.1% interest in Mopani Copper Mines PLC to Zambia's state-owned ZCCM Investments Holdings PLC, or ZCCM-IH, instead of becoming a minority shareholder, Reuters reported Aug. 27, citing two sources with direct knowledge of the negotiations.

Zambia's mines minister, Richard Musukwa, recently said ZCCM-IH wants a shareholding of 51% "or even more" as its 10% stake in Mopani was not enough to determine the Zambian mine's future.

"As of now, we are discussing a potential sale of their stake in Mopani," one of the sources said.

A spokesman for Glencore declined to comment, the newswire noted. First Quantum Minerals Ltd., which owns the remaining 16.9% stake in Mopani, did not provide a comment.

Glencore previously said its discussions with ZCCM-IH and other shareholders are progressing and updates would be issued as appropriate.

In July, Zambia's mines ministry rejected Mopani's proposal to suspend copper mining operations despite a decline in the metal prices due to the COVID-19 crisis.

Mopani's 2019 production totaled 51,275 tonnes of finished copper, which accounted for 13.9% of Glencore's output from Africa and 3.7% of its overall copper production.