Thursday, June 13, 2024

Government had no choice but to bring back Vedanta – Mulenga

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Copperbelt-based Good Governance Activist Peter Mulenga says the Government had no other option besides giving back Konkola Copper Mines (KCM) to Indian investors Vedanta Mineral Resources.

The London Metal Market listed firm is coming back to run KCM after protracted court battles that culminated in the recent out-of-court settlement that is near completion.

Mr. Mulenga said the decision to bring back Vedanta at KCM will minimise losses the people of Zambia would have incurred had the Government picked another investor to run the mine.

He brushed aside negative comments made by Socialist Party leader Dr Fred M’membe against the imminent return of Vedanta.

“The timing is right for us to realise that we are facing challenges that call for us to create a conducive environment. Now Mr. Fred M’membe claims that it supports Mr. Hakainde Hichilema’s treachery and disdain of the Copperbelt populace, but Mr. M’membe neglects to provide the greatest remedy that would satisfy the Copperbelt populace. Remember that before Vedanta departed, it had the better deals for locals to get involved in business. To get the job done, all we have to do is show that we are capable. Locals from Zambia had handled the majority of the contract work, and I think things should stay pretty much how they are. We need to work to fill their database with additional Zambians who have registered to take part in the buildup,” Mr. Mulenga said.

He continued:”Instead than being forced to pay fines for late payments, we must devise a legal undertaking. The key is to be mentally prepared for this opportunity. Most of us have already experienced the bloody gushes and are currently licking our wounds, but we can accept that if things go wrong, we won’t be able to recover.As we wait for the government to pass laws, let’s gather as stakeholders and develop a plan of action for when they do. So, once more, Mr. M’membe, what, if not KCM, would have been the wisest course of action? So you would have preferred to locate an investor after all legal obstacles were resolved.’

Mr. Mulenga said Vedanta’s return has made Copperbelt residents very happy.

“It’s known as minimizing your losses. In both domestic and international courts, we had come to an impasse that was not in our interest. Vendetta is not always our first pick, though. However, we are able to re-engage them on newly agreed-upon parameters under which we can now legally hold them accountable. The mine was turning into a toxic asset and was unable to gain investment. The only way to redeem it is in this new, advantageous arrangement. In conclusion; Vedanta’s return has made the Copperbelt’s residents very happy,” Mr. Mulenga concluded.

35 COMMENTS

  1. It’s annoying when brainless idyots try to explain what’s been known all along. The UPND have never denied receiving money for campaigns from Agarwal with a pledge to give back KCM. They’ve just fulfilled their campaign promise, but did they have to take this long? And then an idyot from a nondescript NGO is trying to educate us on what we’ve known for some time? Please spare us, what do you take us for?

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    • The Zambian government’s minority interest in KCM is held by ZCCM-IH, a public limited company. After the deal is concluded and signed, ZCCM-IH is obliged to disclose details of the deal to the investing public. It’s the only time that anyone interested in this matter will know about the details. Vedanta Resources return to KCM is a matter of company law. The PF failed to eject Vedanta Resources from KCM and they should not pretend that they had taken control of the mine. Through the so-called liquidation the PF just created a legal minefield which judge Aness Bobo-Banda made even worse due to her ineptitude.

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  2. Well………..

    If Vendetta gave UPND money, it was a donation, because they had zambia by the machende anyways……..

    No investor would touch KCM with active court cases which would have cost zambia dearly………..

    Vendetta giving UPND money pre 2021 is like a customer paying a shop keeper twice for something they would have got in any case…

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  3. Kikikikiki my dear brothers @ Spaka and TIKKI
    At least now you know that ” NEVER TRUST A POLITICIAN”… just hustle for yourself and your family otherwise if you think a Politician cares about you and your family then you’re wrong my brethren….HH said Vedanta was stealing from Zambia and today he is dealing with the same guy….definitely HH received an offer he couldn’t refuse….Vedanta is a well known Indian criminal empire

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    • ALMOST every country on this planet is ruled by politicians, and those could come in different forms – Capitalists, Socialists, communists, dictators, Monarchs, etc…

      With that in mind, what is the point or value of your statement, ” NEVER TRUST A POLITICIAN”, that you love touting on LT under different avatars?

      What is your alternative to politicians?

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    • @ General Kanene

      You always pretend to be wise all the time, yet you sound foolish all the time. What’s this nonsense about presidents monarchs, dictators, capitalist, socialist… Stop trying too much…..Lusakatimes has people who have good intellect & wisdom. We may not agree with them but they post sensible stuff weekly or daily…. Stop trying too much.

      Dude you are not even close to @TARINO ORANGE, @DEJA VU, @AYATOLLAH, @GRANT KOLALA, @INDEPENDENT OBSERVER to mention a few…… You very well know that this deal is all corruption by HH when he said through his minister, new investors have been found. What are you defending… Iwe Makaka ???

  4. But government has a choice to bring gay rights. Let hh not forget that pf still has millions of supporters. We the gay community may just hold the deciding vote. Do the right thing

    • @Wagner, at the rate this government is moving you may just get your wish sooner than later. This government has done everything they denied while in opposition. The president has been travelling twice weekly, they have been borrowing, they have increased the price of fuel and other commodities. So the homos are on the way.

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  5. HH already gave the mine to Vedanta. Everything that was being done was just window dressing. We Zambians are used to being slaves in our own land. We are good at not learning from past mistakes. How did Vendata behave when the were in charge of KCM before? Did they treat the workers well? Did the pay contractors?

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  6. I think it would be in the best interests of the Zambian people to take all mining into public ownership so that the people can seem some benefit from their rich natural resources. Of course America might then send in the US Marines to protect their corporate interests.

  7. Vedanta owns 79.4% of KCM, they are the owners, whether you like it or not.
    If it was so easy, why did PF not finish the job after 1 year of putting KCM under liquidation?

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  8. @ Spaka please
    And you know deep down your heart that Zambians have been dribbled here….lets be objective sometimes my dear friend….do you know the connection between the Gupta family and Vadenta….big criminal enterprises….and they work with criminal and corrupt Governments…and now Vedanta continue getting our minerals for free and giving it away to the Western World…change of color from green to red….

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  9. @ Spaka please can you ask HH and Kabuswe why they said they would announce new owners a few days ago

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    • I’m surprised that giving back the mine to Vedanta is getting a new investor. This is confusing me, and I don’t get confused that easy.

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  10. This reminds me of late FTJ….the man sold Zambians false hope…”New Culture”….with his floral neck ties…..and we all know the end…

    • Yes now we have seen gloves on the president. Also Graphs. These politcians come from the same mould. Thieves

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  11. And to destruct Zambians with what is going on behind the scenes with Vedanta…they’re busy confusing praise singers with removing vendors from the street….they know that the Vending issue will dominate the headlines whilst they’re busy finalizing deals with Vedanta…Politicians are evil

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  12. Grant Kolala

    What was your alternative to vendetta ????

    Zambians ????

    KCM produced coppers was going to be banned from world markets……

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  13. @ De Ja Vu
    You marry a known prostitute and you divorce her after 5 years because she was sleeping around with other men and 3 months later you go back and marry the same woman you just divorced…meanwhile you told all your friends that you’ve a new wife….something is not adding up…and lets rewind back to Milingo Lungu and the fired DPP….and the new liquidator who is of Indian Origin….@ Spaka if you can defend HH on this Vedanta issue then you’re not Patriot enough

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    • Right. If Vedanta failed last time, how do they expect him to do different. I still believe Vedanta is coming back for something he left in a hurry. I still believe he’s going to sell of the mine to recoup whatever he had “invested” in the mine.
      Let’s prepare for explanations and defense from Kabuswe.

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  14. @ Spaka you know the whole country was waiting patiently for new KCM owners and this was going to dominate the airwaves and headlines and they’ve tricked gullible Zambians with the Street Vending issue….HH…Vedanta and Kabuswe 10….Zambia 0…its game over the referee has already blown the full time whistle

    • #Spaka, you are asking him about the alternative? Was it Kolala who promised us a new investor? Didn’t Mr Hakainde refute reports that Vedanta were going to get the mine back? You see you will pretend to forget but that won’t make people also forget.

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    • Deja Vu

      HH may have promised a different investor…………but

      The international case vendetta has against zambia changed all that………

      There is no other investor on earth who will invest in KCM……

      Even the sale copper mined at KCM could be subjected to court sanctions….

  15. This is a very bad move.. it would have been better to get a Zambian investor or some other investor not bringing back Vedanta..
    For me this is sad development for our country

    A very big benefit of doubt that I give the government for this decision

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  16. @Spaka
    HH said he had better solutions for the Mines in Zambia and at some point i had faith in him…..Remember how Anil Agarwal mocked Zambians about kupwalala….he bought KCM at a give away price of US$25 million and he said he was making US$500 million in a year….see how much money he made in Zambia and we are we going to IMF and start begging

    • But you ignoring the fact that vendetta has zambia cornered in court……….

      Even the sale of copper from kcm can be restricted

  17. Yes now we have seen gloves on the president. Also Graphs. These politcians come from the same mould. Thieves

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  18. How much did Vedanta pay for this contorted justification? Ka $5000 is my guess… Copper doesn’t have to be mined urgently. Understanding the nature of Zambia’s wasting asset is something that should be taught in primary school

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  19. The question still remain unanswered. Who did we want to run the mine? Assuming Vedanta is kicked out completely, and not forgetting that KCM issue was active in London court which investor would have risked his money in KCM? How long was the case going to drag on meanwhile we needed the mine to be operational?

  20. I have migrated to twitter. There, real people with real names/titles put their heads on the line and argue. If anyone wants to really debate, go to Zed twitter.
    LT is the trenches, full of mud. A gossip column…..kikiki

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