The University of Zambia Political and Administration Studies Association (UNZAPASA) has urged government to reposes Konkola Copper Mines (KCM) and sell it to another responsible investor.
UNZAPASA President, Aaron Chansa, says KCM Chairman, Anil Agarwal, has exhibited an un-ethical behaviour and is mocking the PF government.
Mr Chansa is reminding KCM management that not long ago, the mining giant perpetually threatened to prune its workforce claiming that it was making losses.
Mr Chansa said this in a press statement released to ZANIS in Lusaka yesterday.
“Following this un-ethical behaviour by KCM, we would like to advise the Zambian government to consider repossessing KCM and sell it to another responsible investor,” he said.
He said Zambia needs to maximize the benefits it is endowed with in mineral deposits.
The UNZAPASA President joined other stakeholders in condemning a mocking statement attributed to Mr Agarwal, the KCM majority shareholder.
Mr Agarwal recently boasted in India that his firm was giving his group US$500 million per year after just buying the mine for a give-away price of US$25 million.
KCM PLC, one of Africa’s largest integrated copper producers, is a subsidiary of London-listed diversified resources and mining company, Vedanta Resources Plc.
Labour and Social Security Minister, Fackson Shamenda, recently disclosed that Zambia’s mining industry is projected to earn over US$1.3 billion next year.
Mr Shamenda said the mining industry’s contribution to the Gross Domestic Product is anticipated to grow to US$1.35 billion in 2015 because the mining sector’s contribution to the economy is significant.
The minister said Government is determined to create a conducive environment for mining activities to thrive in the country.
The PF Government soon after assuming power in 2011 repossessed state owned Zambia Telecommunication Company (ZAMTEL) from the Libyan authorities.
President Michael Sata said Government’s decision to reverse the sale of 75 per cent stake of Zamtel to Libya’s LAP Green Networks by the Rupiah Banda-led MMD government was fraudulent.
The Bank of Zambia also reversed the US$5.4 million sale of Finance Bank to South Africa’s First-Rand returning the bank to its previous shareholders.
ZANIS
What this un-ending hangover about selling national assets to investors. Repossess KCM and lets keep it for our ourselves and future generations!
just nationalise that kcm so that zambians befit from their natural resources and do away with those indians chapwa
Repossessing the mine is not a smart thing to do. Just let them pay correct taxes. I would even suggest closing the mine and transferring all the equipment and personnel to a brand new mine which can be easy to run and more profitable since we have lots of copper deposits elsewhere. But this should be run by Zambians with a few foreign consultants if need be.
ONLY FOUR PEOPLE PROTESTED IN ZAMBIA. we are not serious guys.
Man with a bucket full of honey. He has both hands dipped in the honey. He is hungry but too lazy in his head to think of lifting any of the hands or both and take honey you his mouth and eat that honey. Other with similar hunger will come and eat his honey then this man will start asking to be given some of his own honey! Same with Zambian minerals, Lol. All you need is jack hammers, hose pipes, compressed air and water plus men and start mining the copper. But we keep asking for foreign investment 50 years after independence! When are our brains start thinking original to mine our own copper and make buyerd come and buy it from us right in Zambia. What do we need 50 years on? The colonial miners were cleverer that our today citizen, we must be a joke to ourselves!
” “Following this un-ethical behaviour by KCM, we would like to advise the Zambian government to consider repossessing KCM and sell it to another responsible investor,” he said. ”
WHY??? What is this obsession with selling the country’s mines?
Go ahead please. It’s about time. Go ahead please
He says repossess and resell to another investor may be to RAMCOZ. He is not suggesting that we can use our brains and mine our copper then sell it. We are good at condemning each other to death, but no ideas on how we work together as a people, own mines and run them profitably. Copper was mined by colonialists way back in the 1900, 1920, 1930, 1940 1950 1960 until we got independence. Those olden people were far too clever than ourselves today. Today we are just looking for investors who come to use our cheap labour to enrich themselves from our own mineral! Why not use the money this country has and open up a zambians owned mine?
ZCCM lamentably failed because of corruption in Lusaka. Even this story has a whiff of Lusaka corruption about it. Government officials and their family do a lot of business with KCM. In turn, they turn a blind eye to KCM malpractices. That is why KCM are going to get away with this again. Anil Agarwal will probably be fired to calm things down. After that, it will be business as usual.
when kcm wanted to prune workers,his excellence mcs stopped them not to prune anyone.but HH and his supporters where against the move the president took, this is bcoz HH benefited a lot during the time they where privatizing grz company’s.fi Upnd say something since u think u are brave enough in politicking.