LUSAKA Stock Exchange (LuSE) chief executive officer Beatrice Nkanza has reiterated the need for mining firms in Zambia to list on the stock market to raise capital and offload shares to the public.
Ms Nkanza expressed sadness that mining firms have not listed on the stock market despite calls for them to list on the stock exchange.
She said the mining sector is the mainstay of the country’s economy hence the need for mining firms to come on board and contribute to the growth of the stock market and the country as a whole.
The LuSE has been operational since 1994 and currently has 19 listed companies and the Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH), which has stakes in most mining firms, is the only one listed on the stock market.
Ms Nkanza said this at the Zambia–Canada Business and Investment Forum recently.
She also said there is need for Canadian mines operating in the country to consider listing on LuSE. Canadian mining firm First Quantum Minerals owns the Bwana Mkubwa on the Copperbelt and Kansanshi in the North -Western Province.
“We would like to see Canadian mining companies which have a stake in the Zambian mines to consider listing on the Stock Exchange,” she said.
Ms Nkanza also called on Canadian firms to invest in Zambia in order to enhance business ties between the two countries.
A Canadian business delegation led by Zambia’s High Commissioner to Canada Nevers Mumba was in the country to explore business opportunities last week.
[Zambia Daily Mail]
The mines make too much money and do not need to raise capital. They also seem not to want to share their success with the Zambians. I hope they will respond to this request.
Does Mrs Beatrice Nkanza Chief Executive LSE knows what she is talking about the rules of dual listing? First Quantum and other companies are multinational enties who shift their capital and profits from one point to another to suit their own long term strategies. We messed up at the time the mining aggrements were being sealed. Look at the way they are fighting payment of taxes.