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Alba Iulia
Saturday, September 26, 2020

ZCCM-IH will take up a more active role as an investor in the mining sector-IDC CEO

Economy ZCCM-IH will take up a more active role as an investor in...

IDC Group CEO Mr Mateyo Kaluba has said ZCCM-IH will take up a more active role as an investor in the mining sector rather than being a holding company for the Government’s minority shares.

Mr Kaluba said ZCCM-IH should meet the aspirations of the Zambian people as far as ownership of mineral resources is concerned.

“What we have asked ZCCM-IH to do is too seek its own mines, do explorations and develop mining operations. We are not averse to them getting into partnerships but those partnership must be balanced. Most of the partnerships that ZCCM-IH has right now are not balanced because the stakes are very small minorities. But we are increasingly seeing ZCCM-IH taking a more assertive approach, doing more explorations and opening up new mines,” he said during the tour of Kabundi Resources Limited mine, ZCCM-IH’s manganese mining operation in Serenje district

“With ZCCM-IH taking important roles in the gold mining sector and in manganese mining, we are confident that we’ll see it taking stronger positions in copper mining and many other minerals in the country. What you will see is ZCCM taking an active role as an investor rather than a holding company for shares.”

Kabundi Resources has commenced phase one mining at the project whose targeted production is expected to reach 240,000 tonnes of manganese ore annually once commercial production is achieved.

Mr Kaluba also toured the Kampumbu Resettlement where families relocated from the Kabundi mining site are having their new houses constructed. The mine is also constructing a one-by-two classroom school block, a health center and houses for a teacher and medical staff.

10 COMMENTS

  1. Even digging or mere loading manganese in shipping containers need Sudanese “investors”?
    I watch National Geographic TV channels alot. I see how they process gold, you don’t need Sudanese, you only need honest Zambians.

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  2. ZCCM IH should be independent not a subsidiary of this IDC which is full of corrupt PF cadres who have failed to revamp struggling companies in the group. Has IDC even paid back the $100 million ZCCM let them? ZCCM has never made a profit since the lazy man in State House took office.

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  3. From my own point of view I can say most of Zambians are corrupt and I refuse to say not corrupt completely so because there is no human being who is not corrupt, either in opposition or the ruling party all are corrupt.
    What is wrong in our country is that we don’t have strong good laws to monitor all and bring them to book.
    Laws are supposed to guide and judge the wrong doers un fortunately they don’t appear to have effect in our land even if you changed any government the same corruption will persist amongst those leaders , as usual Zambians say to lyemo really bad saying for development of any nation

  4. Some more double speak.

    On whose behalf will ZCCM be investing, i.e. which Western party will they invest for? They’!! Get money from shady Westerners to invest in Zambia. They will still externalise our resources.

    Do not trust that company, just disband, and get 100% nationalised mining. Give Mines back to the people.

  5. If this GRZ were strategic thinkers , they would gather educated Zambians and train them in small scale mining operations to maximise the number of Zambians owning and running mines.

  6. For as long as myopic and arrogant leadership continues in zambia.. these plans will not work..the money the Chinese lend us comes from within..why didn’t we own the mines and then employ mining experts to govern on our behalf since all parastatals are failing due to corruption, complacency, nepotism? I personally have no faith in this govt…it’s disgusting to see cadars being allowed to harass and beat police men? The behavior of cadars tells us what’s happening in the government at large…we the people are fade up to be ruled by a loya who doesn’t understand law and order…and they don’t care what people who voted for them can advise…. disgusting..even this zccm- whatever are all run politically…

  7. The problem is that we have failed to run our own companies…the leadership is total failure..all they know is get tax..we will never smell wealthy as long as we dependon the so called investors

  8. Incompetency, corruption, complacency , greediness,pride is the reason kwacha is plummeting and those in high offices don’t care ..why is this issue not tabled…from K4 per dollar during rupiah’s regime to k18 per dollar in the cadas regime? It’s up to those who transact in kwacha who are doomed…the political elite transact in dollar.. where’s the patriotism? That’s why Africa is poor and highly Indebted because our leaders don’t understand justice unlike whites.. God made us rich in gold,emerald, cobalt,and oil…but all these have become foreign owned….and you can’t advise a political elite..they know everything..but when things backfire they come back and increase tarriffs which the poorest has to pay for the Elite’s poor judgement… crazy

  9. Kaisar Zulu, you have shadowy deals background as is of Chipata, CEO of ZCCM-IH. Shut up you moron. 2021 is around the corner, lest you be caged along with ECL and his crooked CEOs at IDC, ZCCM-IH, NAPSA, ZESCO .

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