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Alba Iulia
Tuesday, August 11, 2020

ZCCM-IH pays K219.5 million dividends to Government

Economy ZCCM-IH pays K219.5 million dividends to Government

Finance Minister Alexander Chikwanda
Finance Minister Alexander ChikwandaFinance Minister Alexander Chikwanda

Zambia Consolidated Copper Mine Investment Holdings -ZCCM-IH- has given government K219.5 million dividends for its shares in the company.

Presenting the cheque to Finance Minister Alexander Chikwanda in Lusaka this morning, ZCCM Chief Executive Officer Pius Kasolo says his company is happy to have given its major shareholder its contribution.

He has expressed happines that the Minister has given an ear to mining firms in view of what he described as an impasse in the sector.

Dr. Kasolo has however says there is need for mining firms to give government its deu tax and uphold high levels of transparency.

But Mr. Chikwanda says there is no impasse in the mining sector except that some firm just have issues with the new mining regime.

He says the change from the corporate profit tax route to the royalty based taxes makes it easier for the Zambia Revenue Authority and Mining firms to plan.

Mr. Chikwanda says government has had useful discussions with Lumwana mine and notes that they need to engage the Zambia Revenue Authority -ZRA- as the Mines Act provides for recourse.

He has since advised stakeholders to allow the ZRA deal with the tax matters as its mandated to do so and not allow themselves to be trojan horses fro foreign interests.

Meanwhile Mr. Chikwanda has revealed that plenty of work has been done for the Industrial Development Corporation -IDC- noting that 2015 will see it operate full throttle.

He says government is in the process of moving shareholding of state owned enterprise from his Ministry to the IDC as part of spearheading the much talked about industrilizaton and job creation strategy.

The Minister has further expressed optimism that the taking up of 35percent into Mamba Collieries and the 300Meggwatts power project being worked on will come on stream this year and mitigate power needs that for the country and region.

Meanwhile Mr. Chikwanda is concerned that Zambia has not moved in the last 50 years because the Gross Domestic Product Growth has been very minimal.

He says while many people have kept on talking about Zambia having the potential, it is meaningless unless converted to reality.

The Minister says Zambia should be ashamed for failure to pull the intellectual prowess for development in view of good rainfall patterns, fertile soils and plenty of natural resources.

11 COMMENTS

  1. The IDC is President Sata’s lasting economic legacy and it will definitely industrialize Zambia to create wealth and prosperity for the people. Big ups to such a positive economic policy.

    • you don’t know what you are talking about bwana. What industrialization can IDC bring? You think corrupt tribalists like PF can bring industrialization. You must be dreaming. They’ll just steal whatever is put there. Look at RDA, who knows the true value of the roads built? No one. Why because RDA is in State house where it has no business been.

  2. Iyee mayo indalama ubwingi balalya ba mambala aba yeee before they leave power next week! Somebody make sure Chikwanda hands over the cheque to Finance Perm. Sec. Otherwise … Oh I forgot that the no nonsense Guy Scott is there for checks and balances.

  3. ZCCM on FB : ***
    Dividend Cheque Presentation ceremony at the Ministry of Finance. Dr Pius Kasolo, Chief Executive Officer presents a dividend cheque to The Minister of Finance, Hon. Alexander Chikwanda on Tuesday 13 January 2015

  4. The exchange rate is a very good indicator of how well a particular economy has been managed. Zambia has been very badly managed economically and politically: In 1990, a Zambian needed K28.52 to buy a US$. In 2015, a Zambian needs K6, 610 to buy a US$. During the same period, the economic managers in the UK made sure that while a British £ would buy US$1.7 in 1990, in 2015, a British £ would buy US$1.5. That’s how well the British and American Politicians and economic managers have managed their economies. Our Politicians and Economic managers completely failed the Zambians. The consequence has been the seriously distorted/haphazard economic development! politics anchored on deceit and the poverty levels in excess of 70%. Zambians are now much worse off!

    • America and Zambia are both dwindling in Debt. Only foothold the US has over Zambia is the fact that they produce their own local goods.

  5. @T Woods, you are so right. Part of the problem has been the many loss making parastatals that ultimately have been distorting the performance of our economy. Government has over the years tolerated loss making parastatals through poor appointment of Boards of Directors and Senior Management. To imagine that the PF Government at one point saw it fit to appoint Frank Bwalya as Chairman of ZESCO, it is so shocking! I’m told his successor is not any better! The chances of the IDC inheriting shells is very high!

  6. This is a very interesting item on Lusaka times. I agree with views of both T Woods and C Kasonde. I’m looking forward to the views of the other ardent bloggers on Lusaka Times! May be this item is above the noise makers!

  7. This is great news indeed. Trust this with your entire might and heart that the numbskulls that are always fighting over UPND and PF shall not comment on an educated piece.

  8. @Wood, though others agree with you I totally disagree because your comparison does make sense:
    You have used US and UK as examples, Zambia has only been independent for 50 yrs compared to 200+ yrs for the US and later on UK our colonial masters.
    They control the means of production anywhere in the world. They have all the structures that control the world economy, talk about IMF, world bank, WTO, UN etc all sitting at their door steps.
    We have no say in determining the price of our good because even if we wanted no one will listen to us. How many Zambians are Educated and how many of those are domiciled in Zambia. I believe and trust that even you as you are contributing you are doing so outside. I rest my case for now.

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