Tuesday, June 25, 2024

Resignation of ZCCM -IH Board Chairperson suggests lack of transparency and accountability in the running of mining sector by Government

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The Southern Africa Resource Watch (SARW) has alleged that the resignation of ZCCM -IH Board Chairperson Dolika Banda suggests lack of transparency and accountability in the running of the country’s mining sector by the government.

The financial conduct authority has temporarily suspended ZCCM IH share listing from the London Metal Exchange in the wake of Ms. Banda’s resignation.

SARW Senior Researcher and Advocacy Officer Edward Lange has said Zambia has found itself in a precarious situation on matters relating to the operation of ZCCM- IH following the resignation of Ms Banda as board chairperson.

Mr. Lange said the country needed to improve its standing at the international stage following the suspension of ZCCM IH share listing from the London stock exchange and the subsequent resignation of the board chairperson.

He said there is a need for the government to allow state enterprises to operate independently without undue influence.

“The country has found itself in a very confused position. Confused position as it looks as if we are in a dilemma on matters that are linked and related to the ZCCM IH which has shares in Konkola Copper Mines and Mopani Copper Mines. As you know the two companies’ operations have been brought to a halt in terms of operations thereby halting the economy of the Copperbelt Province. The same government has been making promises and conflicting statements on KCM and Mopani and now we are compounded by the resignation of the ZCCM IH Board Chairperson which points to the lack of transparency. ZCCM IH has been delisted or suspended by the London Metal Exchange. So all these issues put together you will realise that we need to put together our standing in the eyes of the international players in the mining sector,” Mr. Lange said.

He said the alleged meddling in the affairs of public or private enterprises by the state was tarnishing the name of Zambia’s mining sector.

“This is a very sad situation to the extent that we are viewed as a country that has no values of transparency and accountability. The state owned enterprises are being interfered with in terms of operations by the long arm of Presidency through state house we hear so and now our position is: Can we allow state enterprises to operate independently because if we do professional decisions are going to be made. When professional decisions are made we are going to do away with the current situation we have found ourselves entangle in, especially to do with the Copperbelt. So our appeal to the Government is to leave private entities or state owned enterprises to operate freely and professionally without undue interferences from the mainstream government, This will help the current difficulty situation a lot, this will help improve the economy of the Copperbelt but the image has already been tarnished so we also work on the system that will help to rebuild the image,” Mr. Lange said.

Meanwhile, ZCCM-IH has announced the appointment of Kakenenwa Muyangwa as the new Board Chaiperson following Ms. Banda’s abrupt resignation.

Mr Muyangwa is a mining and financial expert with over 35 years of experience and his appointment is effective May 5th, 2023.

ZCCM-IH Corporate Affairs Manager Loisa Mbatha Kakoma has confirmed that Mr. Muyangwa replaces Ms Banda who worked as non-executive Director and Board Chairperson since December 2021.

Ms. Kakoma says Ms Banda championed Zambia’s mining interests and has left ZCCM-IH in a stronger position for continued growth.

And Mr Muyangwa said he was honoured to have been asked to serve as Chairperson by the Government saying he will pick up from where Ms Banda has left.

In her farewell message, Ms Banda expressed gratitude for being given the opportunity to serve as Board Chairperson saying she greatly believes in the future of ZCCM-IH and that the Company was well positioned to advance Zambia’s economic interest in the mining sector.

23 COMMENTS

  1. The lack of transparency at the Ministry of Mines doesn’t end at KCM & MCM, it’s widespread. What came out of the purported cleansing of the Mining Cadastre Department? They just cancelled people’s licenses and stole their projects. How many licenses has Kabuswe issued? He’s the idyoti that’s holding development in this sector. Does HH think that he’ll grow Zambia’s economy by not giving Zambians licenses? Without production not even an IMF program will redeem the further dwindling economy. These are the signs of failure. Just mention which sector is functioning properly? Zero! Not even foreign affairs where he’s made countless trips abroad

  2. There are going to be more scandals in this government at the end of its term than any previous administrations. The difference is that they wear business clothes while their predecessors wore fitenge.

  3. Ati we did a “walk-in interview” with BBC

    Can someone tell Bally that “walk-in interviews” are for people who are not newsworthy

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  4. Fighting corruption is relative. The case of Kelvin Sampa. The guy has been defrauding ZRA and obtaining money by false pretenses. But as soon as he defects to the Upnd all the cases are ” forgotten”.

  5. Government secrecy on KCM is more worrying that the coming back of Vedanta. If there are matters that are on course, by now something would have leaked to the public. I tell you, there is NOTHING going on apart from what we already know.

  6. KCM is a problem child:
    They polluted our rivers, soil and air.
    They failed to meet their financial obligations. They were insolvent. ZCCM-IH is a witness on that.
    They failed to mine KDMP.
    They had no strategic plan for the future.
    They stole Kansanshi and Lumwana copper at Nchanga smelter sent there for processing, but pilfered.

  7. The ZCCM-IH issue too will blow in the President’s face. HH believes that he is the only person who is smarter than everyone. The problems the nation has had with *Medicine Shortages, *Fertilizer Shortages, *Maize Insecurity and *Debt Negotiation by failing to talk to China – were all born from no other than HH himself. HH might as well sack the Mines Ministers and act as Minister of Mines besides being a president. The current mines ministers is incompetent and has a no say or stamina on any matters concerning the mines.

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  8. ““This is a very sad situation to the extent that we are viewed as a country that has no values of transparency and accountability. The state owned enterprises are being interfered with in terms of operations by the long arm of Presidency”

    The origin of corruption is the private and foreign ownership of the mines. Somehow mr. Lange doesn’t see it that way.

  9. Currently, the minister of mines is the president. Because he can’t fire himself, he has the zeal to keep the figurehead in the name of Kabuswe who is basically a parrot. Has H H managed to unravel Zambia’s mining challenges: gold, diamond, sugilite, manganese, cobalt etc.? Far from it. Doesn’t GRZ want 3 million of copper output? Another pipe dream.

  10. late Rupiah Bandas daughter.
    Was likely made chair of ZCCM IH because of her father . With RB we all knew he supported ECL and PF and completely destroyed the MMD.
    Clearly Dolika was not suitable for the job

    • You are off the track…. we’re talking about the suspension of ZCCM IH not about an individual. You Upnd sycophants are never short of diversions.

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    • @@ Independent

      Please stop lies and embarrassing yourself. This is NOT RB’s daughter. They just share surnames. RB only had one daughter born from Thandiwe Chilongo Banda’s twins. She is still at school about to finish secondary school. RB had only sons, until when he married Thandiwe.

    • #Yoga. This is how people dent other people’s reputations. To those who know nothing about the family would take this as gospel truth.

    • @@ Deja Vu

      Sir! I hear you….. What do you gain for destroying someones reputation??? This one is a bandit who comes to lusakatimes all the time spreading lies. Thats a sign of mental sickness

  11. Truth is as bold as a lion. Difficult to destroy. It is pure and admirable. It makes everyone rejoice.

  12. When you’re facing a crisis, it’s expected that there will be differences of opinion on what the best option is. I suspect this is what has happened. ZCCM-IH’s suspension from the London bourse is due to issues with wht value to place on Mopani Copper Mines. Auditors are not satisfied with the current valuation and are therefore not ready to pass the financial statements.

  13. Dolika said as a non executive board chair, she did not expect to be a full-time employee of ZCCM-IH doing day-to-day chores. She just wanted to chair board meetings. Meanwhile the company expected more input from her. A gap was created.

    • Why make up stories? Ms. Banda tendered her resignation late 2022 as the axis of evil – HH, Valentine, Muba Hantuba were having parallel board meetings of ZCVM-IH and announcing and expecting ZCCM-IH board to pass resolutions accordingly. They were dead scared of her resignation on principles and refusing to abe a part of Ponzi scheme of the axis of evil. She was told to continue for some time. History repeats. Axis will pay for its nefarious deeds in 2926.

  14. I thought there was corruption during Pf…I was dead wrong… This upnd is more corrupt than patriotic front. Ba pumka

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