On Friday 6th February, the Honourable Minister of Finance, Mr Alexander Chikwanda, visited Konkola Copper Mines’ headquarters at Chingola.
He was accompanied by the Commissioner General of the Zambia Revenue Authority and other senior Government officials.
The Minister held meetings with senior KCM executives in which a range of important issues were discussed, including the recent decline in copper prices, the refund of VAT payments and the introduction of the new Mineral Royalty. The Minister and his entourage then visited the Nchanga smelting facilities.
After the visit, CEO Steven Din stated: “KCM is very appreciative of the Minister taking the time to visit KCM and inspect its facilities. It is reassuring to understand that the Government understands the great challenges that the industry is currently facing in an environment of falling copper prices. In particular, I welcome the Minister’s determination to address the refund of VAT payments in a timely manner.
Mr Din added: “There are still a number of issues that need to be resolved between the Government and industry. In particular, we have work to do together on the issue of the refund of past VAT payments, the proposed increases in electricity costs and the implementation of the new Mineral Royalty. I welcome the Minster’s undertaking to continue a dialogue with industry.
Mr Din spoke of the company’s commitment to local economic development: “KCM recognizes the opportunity for the copper industry to contribute to the Government’s anti-poverty agenda, which has been emphasized by the President, His Excellency Edgar Chagwa Lungu, in recent days. I have appointed a Vice President Local Economic Development who will be driving this strategy. KCM is determined to make a significant contribution to the development of the broader Zambian economy.”
NOW WHAT WAS THE FUSSY ALL ABOUT? THESE “INVESTORS” WHO FIRST WANNA THREATEN JUST SO THEY CAN PLAY ON THE GRZ MINDS SO AS TO DEFRAUD THE NATION OF IT’S RESOURCES & AS IF THAT’S NOT ENOUGH SOME CITIZENS ESP IN OPPOSITION JOINS IN CONDEMNING GRZ FOR ANY GOOD STANCE–THEY TOO FOR THEIR OWN SELFISH INTERESTS- TO WIN ELECTIONS… IT’S SO TIRING HAVING THE OPPOSITION WHO INSTEAD OF POSITIVELY FOCUSING ON NATIONAL DEVELOPMENT, THEY OPPOSE EVEN BETTER IDEAS (in pull him down formula) FOR SELFISH ENDS..
EVEN THOUGH I MEANT “FUSSY” NOT FUSS. BUT THANKS ANYWAY. YOUR CORRECTION HAS BEEN NOTED..
These mining execs are all about talk and no action. Just pay the $110m debt to zesco first and tax so we can build a few schools and hospitals, grade a few roads and use the rest to rehabilitate dilapidated infrastructure. When you are flying over Zambia at night, its pitch black with only a few visible lights on the ground. You go to developed countries, the ground looks like its xmas from up there. Why sure when we have all these resources? God is laughing at us, 1964 independence is only on paper.
How do you expect them to pay when GRZ owes them millions in VAT refunds
@ kaluba
isn’t that why they let the refund get to $600m without claiming so they cud use it against u as ransom? what are all those fat people in offices doing when they know their company isn’t claiming refunds? they are employed to work not grow pot-bellies.
Isn’t that the Zambian way? Go for work and get paid to sit, get fat and f*rt the whole day?
In the business cycles I have never seen someone who would entertain a losing venture. If the mines are saying they aint making any money and threaten to go but again opt to have a win win situation should send serious signals to the people. One would expect them to say we are going. why do they want to sit and discuss on a loss making venture. Chikwanda pin them. We are tired of subsidizing their electricity bills
What was the fuss all about not fussy ! Good luck not Good Lucky !
Go to school
Robin that has always bothered me as well. Even my Kambole education from Mongu taught me better. Lucky and luck, and a few other misused words here on LT.
This though is good reading for Zambia.
@ Robin
Thanks man
IT IS GOOD U’VE BEEN TO SCHOOL & ARE ABLE TO HELP US MAKE CORRECTIONS WHERE U SEE MISTAKES. PLEASE KEEP IT UP!!
EVEN THOUGH I MEANT “FUSSY” NOT FUSS. BUT THANKS ANYWAY. YOUR CORRECTION HAS BEEN NOTED..
“According to Zimbabwe’s The Standard up to 27 members of the presidential security and advance team who seemed immobilised as Mugabe tripped and tumbled after addressing hundreds of Zanu PF supporters who had been bussed to welcome him on his return from the African Union summit, have been suspended.
At the State House on Friday afternoon where President Mugabe was meeting newly-elected Zambian leader Edgar Lungu, new faces could be seen on his security team.
Another official said although some people were taking the fall lightly, it was a serious matter that had to be dealt with thoroughly.
The security team was caught napping.”
Government and the nation standing steadfast is great for the nation. ABC on this one cudos mister minister of finance.
Haven’t we trained enough local people who have learnt the ropes to run the mines, atleast some. Why can’t we empower locals with enough resources and start running some of these mines. It seems we shall forever lament and worship these ‘infestors’! South Africa and Zimbabwe are pursuing serious indigenisation programs, and we keep looking for foreiners!
This has been my cry as well. We ran mines under ZCCM albeit the difficult circumstances politically and otherwise. Why happens to all those mining engineers, geologists etc that we produce every year? When will govt deliberately persue and guarantee support to local mine investors? Edgar are you with me?
Cut the politicking KCM…YOU WILL NOT INFLUENCE GRZ!
Enough is enough!
First Quantum is surviving, and are being transparent (apart from gold in copper cons). They will even do better with cheap acid from the new smelter.
KCM makes free acid at their new smelter. Why can they not leach oxide ore. The TLP is desperate for feed, and can convert the copper in the oxide rock to LME grade A copper.
Time to develop zambia is now while there’s still copper ore in the rock of zambia. Don’t let those investors blind fold you. Copper prices just like any other commodities rise and fall. Do the right thing – let them pay tax and the miner well. The state of our infrastructure , be it roads, railway , building etc is just too poor . There is nothing to write home about. We need also to clean our country , garbage is just to much. As such urgent finds for waste management machinery are needed. Open your eyes and stop back door negotiations with the a racist investor
We would like to know which expats were in attendance when Hon Chikwanda visited KCM.
One gets the impression that only senior Zambian managers were there.
Total disregard and disrespect for GRZ, and their authority.
Can we have the details please?
Not getting this Win Win Thieves Charter Malarky. Is it a law? Passed when? Why does Hon. Chikwanda have so much difficulties in getting revenue from the mines?
Hon. Chikwanda has got the country into debt, and he must show us where he means to get the revenue to pay it back WITHOUT getting us into further debt.
There is NO WIN WIN, without the required documents to approve VAT refunds!!!! Hon. Chikwanda Sir, don’t try to get around us. Visiting the plant to speak with Managers is not the same as viewing those proof documents for VAT Refunds to be released.
We want our electricity payments AND there is NO Win Win VAT REFUNDS WITHOUT PROOF DOCUMENTS, OK!
We want our Money ORtheyGO!
Its time for Zambian empowerment. This issue of allowing our means of production to be in the hands of foreigners is not helping the country. We have enough trained personnel to take the bull by the horns. “Investors” are no special “beings”!Lets start empowering Zambians in all sectors of the economy because there will be no capital flight and the money gets to build our economy!
The problem in this country is that we focus on narrow perspectives and inferiority complex. We want foreign “investors” and over look the locals. They come to create “jobs” and pay peanuts, build a KaClinic and a KaSchool ati “corporate responsibility”! Lets look at the bigger picture. Saying we are a poor country is self pity which is a popular fallacy that keeps us down! Most of these “investors” come literally with nothing and use our very mines as collateral. Agarwal of KCM is one crook who used our greedy politicians to buy KCM for a song and live to boast about it!Lets empower locals, mould them and build our economy. Foreigners will always have their priorities else where, they are not “angels”!