Tuesday, June 25, 2024

Mopani, KCM negotiations on track-President Hichilema

Share

President Hakainde Hichilema says his Government wants to conclude Mopani Copper Mines and KCM issue in the quickest possible time as the two assets will be key in Zambia attaining 3 million metric tonnes in ten years time.

President Hichilema says unfortunately his Government is paying the price for the wrong decisions made by the previous administration on the two mines.

Speaking at a press conference at State House yesterday, Mr Hichilema defended the decision to engage in Vedanta Resources in it negotiations, saying they are stakeholders who cannot be removed from the issue as they have shareholding in KCM.

The President expressed confidence that an amicable solution will be reached, saying he does not believe in solving business decisions through the courts.

And President Hichilema said Kasenseli Gold mine will be operational in the first quarter of 2023.

President Hichilema disclosed that he has been in talks with the necessary stakeholders who include the traditional leadership in Kasenseli of which a consensus has been reached.

The President said he is committed to the enhancement of the mining sector, citing the US$1.35 billion dollar investment First Quantum Minerals has made towards new projects in Zambia.

President Hichilema also said he is eager to see the debt restructuring process concluded in the quickest possible time.

Mr Hichilema urged creditors to finalise a Memorandum of Understanding on the debt restructuring by March 2023.

Meanwhile the President said he views both United States and China as Zambia’s partners.

He denied assertions that the two countries are competing against each other in their partnership and support to Zambia.

Meanwhile President Hichilema disclosed that Zambia has attracted foreign investment worth over US$ 5 billion dollars from the time his administration came into office.

The Head of State said he wants the investment tripled by next year.

Mr Hichilema also said next year, his administration will focus on reducing bureaucracy in Government.

He said bureaucracy has posed a major hindrance to Zambia’s development agenda.

11 COMMENTS

  1. This trend of always blaming is becoming as irritating as a scratched musical CD. It is now time to look forward and leave those things behind. A good driver will look once in the rear view mirror to understand the context, but will focus on the road ahead. This is what HH and his new dawn regime must do.

    12
    9
  2. My Companion mother makes 50 bucks an hour on the PC(Personal Computer). sxs She has been out of w0rk for quite some time dki however last month her check was 11k bucks only w0rking on the PC(Personal Computer) for 9 hours per day.

    For more detail visit this article>>> brightfuture241.blogspot.com/

  3. This like other pronouncements is jus a hoax to divert our attention. Next press conference he will have other explanations. Mopani is a very old mine with outdated systems. A modern miner will prefer an open cast mine with mechanized bulk hauling set up. Mopani therefore should be our baby….do not expect a foreigner to bring his money just that easily.

    8
    4
    • Deja Vu – What do you want him to say to lie to you? Why are you not mentioning Lazy Lungu was got into this sham deal with Glencore…Mopani should be your baby you say? In the same line you state that investors prefer open cast mine …give your head a wobble man. GRZ or ZCCM has no capacity to run that mine and technically that mine still belongs to Glencore till the bleed it dry with their payment. When we stated here two years ago that the deal was a rip off you are the selfsame people who called us unpatrotic…now you are here pretending to savvy offering investment advice. Dont take us for morons!!

      5
      2
  4. “President Hichilema says unfortunately his Government is paying the price for the wrong decisions made by the previous administration on the two mines.”-LT

    Statement like this, you’re scaring the World Bank and IMF

    Let us have the helm, we can read the roadmap, better yet we can use Global Positioning System and Radio Frequency Identification to hold GRZ accountable for the next generation so this never happens again.

    GRZ what’s going on?

    5
    4
  5. @Sararyapp, we know you are an Isis operative – war will never end on your soils – peace unknown to your generation – true peace is only found in Issa.
    HH tells it as it is, last regime full of thieves each with kasaka kandala. In New Dawn different – not even ‘ka somu phing’ ‘Mwan’yala’

  6. Late president Mwanawasa at the height of economic difficulties after sale of Zccm to Anglo,then he decided to bring Vedanta. But things didn’t go well.This is because the investor struggled with the contractor, miners and suppliers on a lot of issues.This situation caused the miners, contractors and suppliers to put pressure on the late president Mwanawasa. But things never seem to go well beause contractors,miners and suppliers are always bearing the brunt of the investor.

    • You forget to mention that contractors and suppliers were illiterate PF cadres and high ranking officals like Fossil Chikwanda, BUFFON CK etc were suppliers in the name of empowering the locals who in return to being swiftly paid turned a blind eye to the shambles and the copper theft going on at KCM. You had a Finance Minister withholding VAT at the same time waiting for his payment to his proxy company contracted to KCM to go through…how compromised that any smart investor would take advantage of such a situation.

Comments are closed.

Read more

Local News

Discover more from Lusaka Times-Zambia's Leading Online News Site - LusakaTimes.com

Subscribe now to keep reading and get access to the full archive.

Continue reading