First Quantum Minerals

FIRST Quantum Minerals Limited says the company has lost over US$25 million in revenue through the five-day strike action by miners who were demanding improved conditions of service.
The mine says the company has been losing US$5 million per day in revenue and in excess of US$1.5 million per day in taxes to government.

“Management reiterates its regret that the illegal work stoppage has caused great losses to the Zambian economy. These losses have an adverse effect on all stakeholders, employees, government and all Zambians,” the mining giant said in statement released yesterday.

The statement says management is committed to ensuring a speedy resolution of the dispute with unions and has initiated the required process provided for by the laws of Zambia.

The company has urged everyone to remain calm and exercise restraint to allow for the dispute to be decided by competent authorities.

“We request that the union recognises the due legal process and encouraged its members to return to work,” the company said. The company warned employees of disciplinary action.

The company also warned that management will ensure that legal and civil action is taken against anyone who engages in acts of intimidation or who willfully encourages or exacerbates the initiation or extension of work stoppage.

First Quantum Minerals Limited are the owners of Kansanshi Copper and Gold Mine in Solwezi, the biggest copper producer in the country. Miners at the mine have been on strike, which entered its fifth day yesterday.

[Zambia Daily Mail]

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13 COMMENTS

  1. I know time is money but when the tools were down the ore was not processed its still there, process it you will get that money, i dont see this thing of you loosing that money

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  2. its a fallacy, its not like when you dont treat the ore then you have lost money……that highly misleading though we know that sales of insihed copper amounts to what is produced per day which is about 5million dollars……..but when work resumes they will mine and process the ore and what is just deferred is time. and if you guys know the implications of such actions why not be pro-active and sort out these labor matters quickly. you know you have annual salary and conditions of service negotiations every end of year starting december, but you decide to offer peanuts and drag your feet for three months and you think workers will put up with that …? when they can see you sponsring football in billions etc…..? you are being naive ba investor and taking Zambians for granted.

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  3. It has always baffled me as to why we don’t have local entepreneurs owning and running big copper mines. I guess the moment a local is seen to have such a mine especially if comming from another tribe/ethnic group, there would be an up rising in the mining area by the indigenous. Zambians! Only confortable if its a white man or another of such light skinnned running the out fits. Its very sad. Lack of innovation, ethnicism and bad work culture is the order of the day.

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  4. Does anyone remmber how much tax these guys have been paying, if they are saying it is about $1.5m/day, then in a year they should be paying about $400,000,000 (Ihave excluded weekends and holidays) That ids only for one mine. How much then are we getting from all our mines in a year. To me it looks that we should be getting over a billion dollars per year. we are really losing out

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  5. saves you good who liking paying slave wages to your workers and yet you get fat bonuses.I wish the strike could be permanent so that another responsible company can take over….we are tired of selfish investors no wonder people are saying better you close down may our future generation can benefit.

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  6. When these Mines are faced with a strike, that is when they say the truth on how much they make (how much they lost per day). ZRA take note. Follow them to ensure they pay correct taxes.

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  7. don’t forget that the mines rent some of the heavy equipment they use to mine the ore. Some machines are hired and charged by the hour……

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    • bakamba dont ever talk on behalf of the company’s statements concerning the money lost when they at many times dont treat their workers right moreover they dont talk about how much they make but how much is lost .mulibakumushi nangu mula lyamo mukushitisha abanenu

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  8. Now they are talking..We should ask them how they came up with US$5 million per day, its not like they are in flower business where the produce will go bad.. these crooks will never disclose how much they made last year from our ignorance in copper sales

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  9. Employ them on permanent basis not casual and these stoppages will end. The MMD was a let down, how do you have 20 people out 3000 on permanent and the rest on one year contracts, no job security!

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  10. Tried this tonight. It’s a good lokiong loaf and tasted very nice. Are you able to enhance the flavor of the sour starter? I think it would have tasted even better with more of the sour flavor prominent in the dough. We really miss that type of bread here in Japan. Thanks.

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