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Friday, July 3, 2020

Haabazoka opposes Consolidated Gold Company Zambia

Economy Haabazoka opposes Consolidated Gold Company Zambia

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.”

[Read 1,630 times, 1 reads today]


  1. The first commendable thing I have read from habazooka!
    Thank you. And since you have the ear of pf, we hope they will listen.
    Though again we know that these gold deposits are already being plundered and under pf they are likely to only benefit caders while the rest languish.

  2. Very good, Lubinda. The most important thing is your intention to engage ZCCM-IH and get the truth from them. Very mature.

  3. First positive thing out of his mouth …….

    The only reason PF want to engage foreigners is they need cash manee up front …..

    This is why we are in this mess in the first place , they are already morgeging the gold ,

  4. And then some bloggers will want to demean you and your education! This country! I hope you will be accorded a chance to advise ZCCM-IH!

  5. This is what we expect from a so called PhD holder rather than just singing for your meal ticket…. i guess this is too obvious even for a F.ool like him to defend.

  6. id!ot! – Surely anyone can see that this gold dealings are PF scams ….its so blindingly obvious.
    Zambian Citzen – Was it not you who was saying PF govt wants Zambians to invest in natural resources …look at this folly did we not tell you…or is it just a cause of being too ignorant.

  7. This is why they removed Pius C. Kasolo he would never approved this nonsense even the billions he was fighting for from FQM the cases have disappeared because State house interfered ….Now Lungu has appointed this stooge Mabvuto Chipata as new ZCCM-IH CEO. These thieves have no shame

  8. 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.

    people just go to zambian observer to have a clearer picture on who the other shareholder is in this company, am just shocked.

  9. Zambian politicians are extremely scared of economically empowered indigenous Zambians. Just look at CEC being thrown over the cliff just to fix a very small shareholder. Even throw ing away investment done by zccm-ih of 27% in CEC, pension funds etc. But which govt has lasted forever? They call this “national security”. A weird kind national security in which the economy is placed in the hands of foreign nationals. I am not proposing nationalization or Zambians only businesses. But this bias towards foreigners is stupid, myopic and unpatriotic

  10. Habazooka, I disagree with you on many fronts because of your job hunting skills within PF but on this one I am your pure supporter, you have my 100% support because the direction being taken by ZCCM IH does not make any iota of sense.

  11. Do we have serious Investors in Zambia in form of ZCCM-IH? If the locals are there to invest why is ZCCM-IH still looking for foreign investors? This issue must be looked at in different angle not just jumping on top of castle roof that we need Zambians to invest which i know a tree PF cadres with small acquired pot bellies.

    We should be advocating for ZCCM-IH to invest alone with 100% shareholding but it appears they are lazy and just want to make noise in the boardroom.

    Foolish PF gold investors and must go to hell!

  12. Kudos to Habazooka on this and for the first time the man has spoken sense. The Chairman of IDC President Edgar Lungu flies in a $130m jet and yet he cannot find $10m to invest in a Gold mine which will benefit Zambians, it’s a shame. Karma mining services and Rural Development the shareholders in Consolidated Gold Company Zambia is owned by SUDANESE, surely do we need these Sudanese?

  13. When the mines were privatized, Government was the 51% shareholder – so why should we now start as a minority shareholder — in a Company that will not be mining but buying and processing already mined ore?

  14. We need to put ZCCM-IH under a microscope. Zambians we need to get together on this no matter which party/tribe you support. This is our wealth and children’s future. Consequent govts after former President Kaunda have let us down. PRIVATISATION is a total fail. And ZCCM-IH is a traitor organisation servicing foreigners and rich private individuals. All those shareholders being serviced at our cost. WHERE IS OUR MONEY GOING? There are a lot of dirty hands and political machinations surrounding our resources.

    It’s scarcely conceivable that at a time when Gold is the only certain commidity in the world that can shore up our currency, ZCCM-IH is facilitator theft from our economic system. DISBAND ZCCM-IH. Unpatriotic and anti-zambian. Crooks. Incompetent.

  15. ZCCM-IH. Unpatriotic and anti-zambian. Crooks. Incompetent. CORRUPT.

  16. Haabanzoka, you are biting the finger. that feeds you…. today? That is PF for you, you didnt know that there are individual or personal motives in whatever they do? Even when you see them go to the toilet, be alert….kikikikiki

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