Zambia: China rescues bankrupt Zambian copper mines
China’s intervention has rescued several Zambian copper mines out of bankruptcy and helped create some 2,000 jobs, most of which were lost when copper prices slid over the biting effects of the global financial crisis, visiting Chinese Commerce Minister Chen Deming said.
The Chinese Minister said most of the copper mines operated by private entities in Zambia collapsed in the face of the global financial crisis, which ignited an economic recession across the globe, leading most of the private copper mines in Zambia to shut down.
Several Zambia copper-producing firms were forced to retrench more than 5,000 workers after the price of the commodity fell to historically lower levels.
The price of copper dropped to a 22-year low at the London Metal Exchange in 2009, forcing most firms in Zambia to curb production levels.
‘Zambia’s privately-run copper mines have closed down due to the economic crisis, only the one operated by China is still operating,’ Minister Chen told a news conference in Addis Ababa, Monday.
Zambian Mines Minister Maxwell Mwale announced late in 2009, the country had embarked on the process of selling several copper mines to enable some of the ones which could resume production to do so.
Chinese officials said the Zambian President Rupiah Banda also formally asked China to facilitate its companies to take stakes in the bankrupt copper mines in the face of the global financial crisis.
The Chinese Minister, who addressed journalists on the positive role that China’s investment in Africa’s mineral-rich countries had achieved, also dismissed suggestions that China was a neo-colonialist.
The Minister is visiting Africa and Middle East.
In his five-nation tour, covering Ethiopia, Mozambique, Tanzania, Turkey and Saudi Arabia, the Chinese official is expected to explore more constructive ways in which China can engage with the developing countries in implementing China’s development agenda.
Addis Ababa – Pana 13/01/2010
[Afrique en ligne]
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they are now boasting. anyway they own us!!
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We have no choice as poor Zambians than working for Chinese with meagre salaries. The Government do not protect us with their on paper lobar laws. Despite these conditions, the gorvrnment still finds it fit to heavily tax workers, introduce new taxes everyday and increase the price of fuel. I wonder who vote for thes sons of btches
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What the Chinese Minister has pointed out is, unfortunately the truth! They saved a number of jobs and if it were not for these Hu jing Taos, our Miners on the Copperbelt would be wallowing in poverty. However Govt needs to put in place conditions in these contracts that safeguard both the lives and job security of our people. It is not a secret that even back home in China, conditions under which their own citizens are operating leave much to be desired. What more a foreigner like Bwalya, Chanda, Mwansa and Sata? I give credit here to the Hu Jing Taos!!
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Who gave this China man false information? Lumwana never faced closure.The only casualty was Bwana Mkumbwa and Luanshya to some extent although not entirely. In what capacity was he representing Zambia? Which copper mine companies was the minister going to sell?
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This makes very sad reading, quiet alright these chinese have employed some miners who were retrenched but how much are they paying them? nuts!. The guy goes even to tell lies in Addis Ababa “”‘Zambia’s privately-run copper mines have closed down due to the economic crisis, only the one operated by China is still operating,’ Minister Chen told a news conference in Addis Ababa, Monday”"” Infact the price of copper is approaching $8000 and yet they still pay these guys tuma five hundred thousand. Next it will be indians boasting, ala twasebana
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Talk about adding salt to injury.. When I thought I had half forgiven them for their Ambassador’s insult against SATA (unsual polititcian of unique breed). Reading what the guy said is very demeaning to our very sovereignity, dignity and pride. Ive been called s.tup.id and dull. With this kind of thing, who could really blame SATA for reacting the way he did on VOA. Where our pride people??. Where are the men with BaL&s?
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DUDES WHEN SATA TALKS, YA ALL SAY HE IS TALKING TOO MUCH
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Digga
Sadly, all the men with balls are there but with them firmly tucked away!!!
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Wow! That was blatant. Better than our leaders that try to disguise day light robbery. Chiluba’s senseless freeing of our markets caused this; it just hit me why oh why did we let a labour leader tamper with our markets. Then came levy, anatusi ila RB. One has to be in a daze to even think these MMD fellows have an ounce of or moments of clarity.
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Someone kindly answer this one question. Why do our leaders and some Zambians fear the prosperity of private citizens, or the enlightened education of the populace? Why can they not want me to start a company and be successful? So as I can employ my fellow zambians increasing the base tax pool. Ni greed ya bwanji ili muchalo. It buffles me that Desert Botswana is the fastest growing economy and democratic gem of Africa.
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Mwana wakwitu, it baffles me as well. Some of these so called investors are companies no more than a man and his wife. yet our Govt will entertain those than me who will come with a similar setup even better. i feel sorry for my country, the time we will wake up all our wealth will be in the hands of foreigners. just as the Somalis have taken a prime land in Lusaka, do you imagine ever getting that land back? and at what cost will we have to pay?
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JACK MICHEALSON hi there my brother. The Somalis’ have been given what? They do not even have a government in their own land. Hahahahahahaha, that is a painful laugh right there. No prejudice, that’s like giving a four year old a key to quantum fluid dynamics. As for you and I ni Kondo to aquire a piece of our own heritage; even native Americans get more priveledges. Let us pray for God to even atleast provide a leader that is not infused with inferiority issues, that is one of some Zambians biggest character flaws.
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At what cost? There has to be a catch. Full story please.
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