President Lungu says he was greatly concerned when he heard that Mopani was threatening to fire 4700 workers saying this was the reason why he then decided to meet with Glencore ( the Mopani mine investor ) on the matter for only five minutes, today.
He said that he was saddened , during his meeting with Glencore on why Mopani was refusing to pay the new electricity tariffs, to hear claimed that they ( the investors ) have not realized profits despite being in mining for 17 years.
Addressing miners in Mufulira District today, the Head of State wondered how possible it is that an investor can keep pumping money into a company for 17 years without making profits and yet not giving up.
Mr. Lungu disclosed that he had in fact received information that there is cobalt and gold in the copper that is exported, and wondered why the mining companies in the country only declare copper but hide the gold and cobalt.
“I didn’t want to talk to the C.E.O because of his arrogance, so I decided to talk to his boss, because he’s not the owner of the company,Glencore are the owners, and they are the ones I called,” Mr. Lungu disclosed.
“So I called Glencore ,they came and we had a meeting, I just asked them, ‘do you still want to be in our country or you want a divorce?.”
The head of state said it was at that point that Glencore claimed not to be making profit.
The President said he then advised Glencore that if they do not want to reach an amicable agreement with Copperbelt Energy Corporation (CEC), it is better they leave the country and another investor takes over.
President Lungu says it is for this reason that he will embark on mine reforms, that will ensure that part of the wealth realized from mining remains in Zambia. Zambians had been exploited for too long without knowing and this must come to an end, he said.
President Lungu said this when he addressed miners in Mufulira District , today , that operations at Mopani Copper Mines would continue as normal.
“I have come to assure you that this matter is now in the past. We expect the mine to start operating normally.”
The President added that contractors and suppliers would also continue working normally.
He told the miners that he will soon constitute a taskforce of ministers, the Zambia Revenue Authority ( ZRA ) and other stakeholders which will look into reasons why an investor can continue claiming to make no profit while investing in mining for 17 years or more.
President Lungu says it is for this reason that he has decided to form a special taskforce to look into the operations of the mines within the country.
The task force will investigate these issues and find out how the mining companies are operating within the country, he said.
This is a good move but long overdue. Tell them to go and also people should be ready to survive outside mines.
Go to the village and stay instead of crying like kids. In fact most of people working in mines are foreigners
Jonathan! Poor Jonathan, this guy does not know or understand any thing. I wonder what happened to those millions of jobs he created if he is begging for only 4700 jobs,,,
His excellent. Well what are you going to do about it ?
Where are the deterants. Give us solution.
Thanks
BB2014,2016
Way to go bosses! Don`t allow these foreign companies to do things with impunity. Show them who is the boss
Thumbs up to our beloved President Lungu for a straight talk on Mopani. We have vast experience in planning and managing investment portfolios for different MC vehicles, i find nothing defensible in their predatory behavior in Zambia. Such is familiar narrative across mining houses. They earn huge monopoly profits while paying their workers minimal wages and continuously threatening our country with economic sabotage. Such a malign influence is detrimental to the country and must be stopped.
When selecting investment opportunities we look at viability of the opportunity. Mopani is in business because they satisfied on the following:
Present Value, NPV, Internal Rate of Return, Payback Period, Benefit to Cost Ratio, RoI and Opportunity Cost.
The Magufuli way is the way to go. Now you are talking on behalf of Zambians whose interest must be protected from these leaches and not giving them tax refunds as happened during election campaigns which were written back to one party.
Glencore = transfer pricing and tax evasion. Need I say more???
Let him / her with ears hear.
Kaingu retired himself from politics the moment he joined PF under the leadership of ECL.If you want retire in politics faster;just join PF.PF is the Party which will retire many more politicians-the likrs of Mutati,Dora etc.Watch the space.Even the PF Party itself will be the fsstest former ruling psrty to disappear on the political scene.
@1.4 senior citizen..
“…We have vast experience in planning and managing investment portfolios..”
You are your lungu do not know gold and cobalt are extracted with gold ?? Keep to managing you Conner tuntembas….you are an embarrassment to zambia….you spout big words and nationalistc rehtoric but you are empty to what is going on…
I hope this taskforce will include individuals of high calibre and with vast mining experience like Dr Silane Mwenechanya, Jackson Sikamo and the civil society to mention but a few.
God bless Zambia.
Ba PHD holder saying his ‘excellent’ give us solution.
Lungu’s rhetorical question is for dummies. He can answer it himself.
@Umuswema there is only one PhD holder on this blog and she only “graduated” from Matero University in Glasgow! Since you didn’t mention any names I will not disclose also! As for the grammar- only one word! Awful!
They better imagine a tonne of bricks falling on them…ask Mmembe, hh, mwaliteta, ka hoe. 4 examples
A tinpot dictator who has to be told what to do by the Commonwealth SG.
Kenyan presidential elections have just been nullify by the Supreme Court. New elections are to be held within 60 days. Raila’s day in court has proven how ruling parties rig elections. The Kenyans thought they could get away with Zambian style ConCourt stoopidity.
this is how a brain functions, other brains are like a pwele(bird) they are specialized in denting the Zambian image to foreigners in the hopes that they win, washing dirty lining iwe mwaiche HH think before you talk.no one behaves like this clown, not even mmusi dents South Africa with Thier xenophobic attacks but here is this political clown denting my country and how ZAMBIA is a failed state, pwele grow up, look at ur friend and how magnificent he governs ZAMBIA…. I’m breaker
We are discussing mining now sir..
What are you doing about it Bwana Lungu?
It is not right Zambia ,Singapore and U.A.E were virtually the same in 1964 but today its only Zambia is still a poor 3rd world basketcase either.
We have been waiting for that speech sir well done balatulila pamitwe
Are you going to eat that speech? How long has he been in govt? Why dont they release the minutes of that meeting with Mopani?
Why was Finance Minister present at that meeting if it was tariffs?
You need to wake up!!
PF vuvuzelas, too much noise, no games won.
SAME RHETORIC ……….
How did we used to manage to run ZCCM on our own? The mine areas(residential,schools and sports areas)used to look very beautiful under ZCCM.Today if you visit these areas, they are sorry sites. It is very sad that over our own resources we can be treated this way? They are making millions of dollars from our own land and enriching their already rich economies while we are getting poorer and poorer everyday
That’s what you get when the country is left to dimwits to run. 6 years of PF and they still ask questions like they are in opposition.
You mean these dimwits are the only ones who did not know the gold, cobalt and other precious metals are extracted when purifying copper ?????
If you did not know upto now you deserve to be exploited and enslaved….
While you are it with reform, that 100% repatriation of profits needs to change and also we actually should have reserves of our metal. Privatisation gave the mines away very cheaply, hence the price of copper is set abroad. Please tell me you did not wake to this notion just now.
This is the source our problems, politicians always wanting to be near the “till”, who is going to monitor what is being “produced and sold”?
According to reliable sources, Edgar Lungu and ‘special’ assistants have received kickbacks and are forcing Zambia Consolidated Copper Mines-Investments Holdings (ZCCM-IH) to discontinue the fraud case in which it claims First Quantum Minerals (FQM) swindled it out of US$1.4 billion.
In November last year, ZCCM-IH, which holds shares on behalf of the Zambian government in the privatised and now foreign-owned mines, sued FQM in the Lusaka High Court for fraud and simultaneously commenced an arbitration process in London in an attempt to recover the money.
Lazy Lungu is simply politicking as usual….one hand he is getting bribes and giving them tax breaks, throwing cases out of court, erasing transfer pricing disputes, he is not paying back VAT and on the other he claims we are being abused…only a foool would believe his lies, his govt keeps renewing contracts from 20 years ago .
These politicians have to accountable and transparent up to now no one knows if Mopani will continue paying new tarrifs, up to now noone knows what was agreed on. We will find out in 10 years time when he is long gone.
@Jay jay
Awe naiwe chi jay jay, why do you always attack President Lungu calling him lazy? In all your postings you always use the word lazy on President Lungu but we have just realised that its actually you who is lazy infact.
If you are honest with yourself, be courageous enough and tell us how you home surroundings are, because it looks like a desert and your house (rented one for that matter) is so filth that I cant even step a foot in it. Grow up and stop being petty. When did you last plant a tree at your house and later on in your neighborhood?
Malinso
Indeed lungu must be the laziest corrupt President to not know gold and cobalt are extracted with gold….what a hopeless chap…busy chasing HH and getting bribes from mining companies then playing ignorant to gold and other precious metals being extracted with copper….
Thats because he is an idle, indolent, slothful, work-shy, shiftless, loafing, inactive, inert, sluggish, lethargic, languorous, listless, torpid, enervated, slow-moving, slow, heavy, dull, plodding empty tin…what was he doing last week after he returned from RSA; he went alone to Mfuwe and called it a working holiday then expected to welcomed on arrival…what has come out from that retreat? Nothing.
The problem is you know nothing about work ethic as you yourself are too lazy.
Wake up from your docility!!
Playing to the gallery, the President is. Everyone except those not wanting to know because it suits their ill conceived and corrupt motives. It’s a known secret that Cobalt and Gold is mined and exported alongside copper.
Ask former President Kaunda he will tell you more.
Are we just going to pretend he didnt say this “Mr. Lungu disclosed that he had in fact received information that there is cobalt and gold in the copper that is exported, and wondered why the mining companies in the country only declare copper but hide the gold and cobalt”????.
That is why he is lying …..the whole world knows about gold and cobalt….he is just exciting the kaponyas ……lungu knows who got money form mopani to resign that one-sided contract in 2015……..
With due respect to our lawyer president, but when you give a licence to mine what comes out of that mine is the mine owners. Granting of the licence transfers ownership of the minerals to the mining company. May I remind our president that that is the rule of law. Royalties and taxes from the extractive industries belong to ZAMBIA again rule of law
Where are the usual kaponya pf rats …..looks like lungu is the only one who did not know gold and cobalt are extracted with copper or is he lying….??
So the issue is not done until task force presents a report. What if the report sides with the investor?
It means we get for either yes or no.
HA WAS LOOKING FOR A GOOD LAUGH THIS MORNING ! A BUNCH OF HEADLESS CHICKENS DID IT FOR ME – ONCE AGAIN THEY DON’T KNOW WHAT THEY ARE TALKING ABUT !
For once I totally agree with Lungu….however I am shocked that we Zambians do not even know how much copper these guys have exported since they came to Zambia….and we have all this time not known about the copper and colbalt ….. by the way this is from the time of Kaunda to now…..tulo us Zambians….forever drinking and sleeping!
Keep being surprised even diamonds are being extracted……. just a question if the government when they grantvthe licence to mine a d royalties are to be paid for copper, are the mines obliged to declare other thsn copper.
Are pipo aware that the black mountain at kitwe has heaps of recoverable gold…… and govetnment thinks chinese are interested in the copper…..chinese love gold
Just as he ‘summoned’ Malema and Maimane, he was also summoned by Glencore, if not why did he not meet Glencore owners in Lusaka?
Edgar Lungu says it’s not right for investors to take advantage of Zambians, saying the Copper belonged to Zambia
Mr President, investors will continue milking Zambia if you fail to put in place policies to save guard zambians against such vices. You must also realized that the minerals in zambia belong to all zambians and therefore the benefits cannot be confined to just having a job. Iam also equally suprised of your ignorance about the elements contained in copper ores despite having a minister of mines. This is number one foreign exchange earner and you dont know the contents? May be your little mind can now start thinking why some companies fight to export copper concentrates instead of finished copper bars/cathodes. You spoke to the owners of the mine and shared with you…
Thats good mr president. Let us reform the mining charter and policy. 30% ownership of all mines to black Zambian private investors, source 80% of mine consumables and spares from black Zambian suppliers, 60% value of all supplies and contracts must go to black Zambians, 50% Zambian executives in all mining company’s leadership, 90% Zambians in all senior managerial positions, 95% Zambians in middle management positions. 25% tax of value for exported concentrates, blister copper, anode copper, copper anode slimes (that carry gold, silver and PGM’s), each mining company to convert 25% of produced copper to copper rods and wires locally ( to create more employment for locals by companies that are to be set up for drawing copper metal into rods and wires) and if no raw copper is converted…
Why black Zambians not just Zambians just a bit racist is it not, people should get the jobs on merit not colour, after all how many white Zambians are in Zambia?no big threat, when you go to the UK do you see ads for jobs for whites only. many educated black Zambians work all over the world because of the money as i do.
Indians should also be chased from our mines. We also have too many boers working in our mines. They need to go. A Zambian can never get a job in India. Indians are racists and they should not be allowed to take Jobs which Zambians can do. Later alone treat Zambians like slaves in their own country.
Investors became tricky and arrogant after KK chased them and FTJ went on his knees to beg for their return to Zambia. This around they are here to reap and leave. They’re not here to invest per say.
Comment:
The CEO, a local fella, one supposses, has been arrogant and disrespectful, eh? Well. There’s need to have him under control, in a manner of speaking.
Now we seem to be on the same page Mr President.
However, it’s disappointing that a task force has to be established at this stage, are we trying to say all along we were ignorant about the operations and revenue of foreign mining firms in Zambia?? Really?
Or are we just suddenly becoming proactive due to the fact that jobs and contracts of Zambian “voters” are at stake ?
Either way let’s nail this one once and for all by coming up with mining reforms that will be strategic, long term i.e. 50 + years and in the National interest.
Suggestions that there’s cobalt and gold in the copper which is passing undeclared to the state are equally ridiculous, this means someone under the employ of the state isn’t doing their job right.
Anyway, the head of state must not veer…
The head of state must not veer away from this stance and direction.
This is Presidency now. He is now thinking like a ZAMBIAN who is on our side. I pray that this is genuine.
Empty tins….the man did not know all along that gold and other precious metals are being extracted or he knows and gets kickbacks ati “This is presidency”
Zambians are so du.ll…..
Ba Spaka Edgar only a president some two years ago so the blame lies squarely on the previous presidents. At least he’s managed to say something about something.
Ati only 2 years as President ? So the whole ministry of mines are ignorant ??
You sometimes defending idioocity makes you look more of an idioot….
Lazy Lungu was Home Affairs minister before that..he had access to info.
Wake up!!
The complacency and they way Zambians accept failure , corruption and meritocracy is in leadership worrying….
This is scandoulous that lungu wants to pretend he does not know about other precuious metals in copper….just like how scandoulous it is that a 40 year contract with mopani was resigned in 2015 and did not take into account changing electricity prices…..
We now have a situation were PF can do anything and we will have people clapping and dancing …..even if lungu were to say no more wearing cloths in zambia then reverse the policy later, we will find dim witts congratulating him ati what a president….
Just like when HH told your women to march naked showing us their filthy underwear.
This corruption or ignorance by lungu has potentially cost Zambia tens of billions of dollars and all you can think of women in dirty underwear ??
Hehehe to be a clueless clown is sometimes peacfull.. ..
That’s how short your memory is..I’m responding to your assertion that PF cadres can undress if Edgar ordered them. Your words not mine. If there’s corruption in the running of mines then all presidents starting with you Chiluba are guilty. Don’t speak from emotions. Be focussed and sep
You, PF have been in power for 7 years and they don’t know about precious metals in copper ????
Spaka like laka like Lilo– you are absolutely right.
And yea too much retarded and cowardly thinking and action in our country.
My heart burns…
As responsible citizens we are interested in cobalt…we want to know the tonnages involved….the price now is 60500dollars/tone…..the cobalt which is here is ours to exploit
If Zambia had any hope of developing a commission of enquiry should be established to out
1] find how a 40 year contract with mopani was signed in 2015 that left out changing costs of power…….
2] how the leadership did not know precious metals are extracted with copper and if so how much Zambia has lost….
Even HH didn’t know about the sub products that’s why he has never mentioned them in his campaigns. Or if he knew he didn’t want the nation to know since he’s part of the cartel that runs the mines.
What a clueless president. Why is he still speculating about the cold content. He should be sure as President.
Also, all mines do transfer pricing to declare losses and rip us off.
The problem is that the mines have financial friends of Lungu. That is why they have the guts to be funny.
By the way, Minister Yaluma is biased toward the mines and should go.
Any proof? If so mention these people so that the nation knows who’s exploiting us.
This is how a president must be!!please president Edgar Lungu be firm like late Michael Sata to put these so called investors in place.they are very greed creatures who do not care about mother Zambia.these are crooks with a sole aim of stealing our natural resources.HH made a terrible mistake when he participated in the privatization of our mines.those who sold our mines(zccm mines) are to blame here.
Now its the time to teach these greed investors a lesson.surely why have they continued working in Zambia since 2000 if all they make are losses?BRAVO ECL AS YOU ARE NOW BEHAVING LIKE LATE MICHAEL SATA!!!KEEP IT UP SIR!!
@Njimbu……This is all what a president shouldnt be. What are Zambians smoking these days?
It is so amazing to notice how shallow zambians can think. Going by the comments of those who see sense in what Lungu is saying brings tears to my eyes. Iam 100% for zambians’ economic participation in all sectors of our economy including the mines. But is the president offering any solutions apart from begging to keep existing jobs? Of course not. So why are some bloggers so excited about political gimmicks Lungu is playing ? It takes courage, commitment and political will to change a philosophy. Lungu knee jerk reaction will never change anything in the mining industry. We need radical transformation of the mining industry that tranfers economic power to the owners of the mines…..ZAMBIANS? Not just jobs….please zambians wake up from this slumber. Lungu cant do anything for you.
Sad that the President has only known that there is also gold in the copper. This is why ZCCM had Ndola Copper Refinery. This is also the reason why we should stop export of copper concentrates and blisters. Nearly if not all copper ore mined in Zambia has various accompanying ores such as uranium, gold, silver, palladium etc
And by the way, where was the Minister of mines and the unions ? Remember ZCCM-IH holding is a also a share holder. So when Lungu was berating Glencor management, what did he say about himself, the share holder? Hypocrisy of the worst kind. It is so embarassing just listening to this crap coming from a crap mind you call a president. Ati ba president saved jobs !! Anyone who believes in that should quickly make an appointment with a shrink.
For some of us who grew up in Ndola, it was common knowledge that cobalt was part of the copper being refined at Ndola Copper Refinery. And I’m talking about the early 90’s.
It does come as a surprise that someone who grew up on the Copperbelt doesn’t know this. Zambian Airways was the transporter.
Anyways it’s politics as usual.
Seriously? It’s not about keeping jobs in a so called loss making business. Rather take action on the under declared exports that you have talked about.
This is the way forward Mr President it’s high time these investors should know we are aware of these lies they keep preaching to us over and over again! My fellow country men try and subscribe to Revelation TV and google the End times interview of Barry Smith.
Another church nut job…..lets call for national prayers shall we ?
Comment:
Endorse what someone has already said. Employ Magufuli no – nonsense tactics to capitalist irritants – send them packing with their 17 year no – profit baggage.
I mentioned before, Mopani must go! They have a lot of dirt laundry! Please go in and have a look at it! We can do without them. My dad worked very hard for 30 years for Nkana Division and the mines benefited us and Zambia! These guys destroyed everything and keep on stealing! As I said before, what Mopani has been doing cannot be allowed in Botswana, Zimbabwe and Nigeria! Please kick ’em out!
They are exporting unfinished products and hiding cobalt in it which cost much more when they extract it outside the country together with copper! This in itself is a case enough to warrant prosecution!
HaJay HaJay, Hazaluza Hagain!
What do you expect to hear from UPNDonkeys mwebantu kanshi?
Just follow Magufuli’s foot steps for now!
God bless you my president