The Zambia Consolidated Copper Mines Investment Holdings says it is ready to completely take over all the struggling mines in the country.
ZCCM-IH Chief Executive Officer Pius Kasolo said in an interview that his firm is ready to take over the running of mines facing operational challenges as a way of saving jobs.
Mr Kasolo said ZCCM-IH which holds minority shares in most of the mining companies is interested in maintaining the viability of the mining industry which he said is critical for Zambia’s social and economic development.
He explained that ZCCM-IH would need to sit down and examine the operational challenges facing individual mines on a case by case basis.
‘You see these international companies play politics, and the economy of the mining affects the mining and buying, so for Mopani to say they are closing, there could be some economic benefits but there could be some political reasons too because there are some VAT problems, tax issues so we don’t know, until we sit down. We look at their mining plans and their costs of production,’ Mr Kasolo said.
He added, ‘My role here as an investment company in Zambia is to create wealth for my shareholders and safeguard jobs for Zambians. I am a Zambian, I have to safeguard jobs for Zambia, so if ZCCM has to take over, we shall take over.’