Economics Association of Zambia President Lubinda Haabazoka has opposed the manner in which ZCCM-IH is going about with its gold business.
ZCCM-IH has set up a new company called Consolidated Gold Company Zambia (CGCZ) in which it is a minority shareholder for purposes of buying and processing Gold from artisal miners.
But Dr Haabazoka stated that the way ZCCM IH has organized gold mining is contrary to government’s policy on empowering Zambians and also ensuring that mineral resources benefit locals.
“EAZ cannot support a ZCCM IH’s venture to open a gold company with shares only at 51%.
We cannot also support outsourcing gold processing in a joint venture with a foreign company. We shall seek to meet ZCCM IH to ensure that Gold is purely for Zambians,” Dr Haabazoka said.
“We advise technocrats to advise policy makers correctly. It will be pointless to declare gold a strategic asset when it benefits foreigners. Joint ventures with foreign firms have failed in the mining industry,” he said.
Dr Haabazoka has since advised ZCCM-IH to halt any further collaboration until they listen to various stakeholders.
“EAZ stands ready to help out shape a citizen financed gold mining industry.”