Saturday, June 15, 2024

Socialist Party Questions Vedanta and Government Over Delayed Konkola Copper Mines Deal, Calls for New Investor

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Socialist Party (SP) Copperbelt Provincial spokesperson Reagan Kashinga has questioned why Vedanta and the Government have not yet actualized the Konkola Copper Mines (KCM) deal clinched last year.

But Mines Minister Paul Kabuswe said Vedanta and the Government have the capacity to run KCM.

Mr. Kashinga said it is unfortunate that Vedanta has not met its pledge to award KCM workers a salary increment, to invest in the mine operations and to pay suppliers and contractors.

“Unfortunately all these pledges have remained on paper. It was only last week when Mine Unions complained that KCM is failing to pay its workers accordingly. In the same week, we heard President Hakainde Hichilema giving an ultimatum to the concerned parties on the need to revive KCM,” Mr. Kashinga said.

“As Socialist Party we hereby repeat that the UPND Government has scammed Zambians on the return of Vedanta to KCM. The investor has proved not to have the capacity to run this sleeping giant mine which has operations in Chingola, Chililabombwe, Kitwe and Nampundwe. Where is the money Vedanta promised to invest in KCM?” he questioned.

Mr Kashinga said the Government should find another investor to run KCM if Vedanta has failed.

“Giving KCM back to Vedanta was a big mistake by the Government. There are many capable investors locally and globally who can run KCM efficiently and profitably. We dare the Government to find a proper investor to run KCM. Vedanta has never been a serious investor.Mining is a business that should be devoid of jokes,” Mr. Kashinga stated.

But Mines Minister Paul Kabuswe said Vedanta and the Government have the capacity to run KCM.

Mr. Kabuswe said court processes and wrong decisions made in the past have hampered the transition.

“I want to assure you, business men that it is not that Vedanta or Government do not have what it takes to run that mine it is because we had to let the court processes run and it was because of some of the wrong decisions that were made. I want to assure you that after the creditors scheme success, Vedanta comes on board and money will start flowing again through KCM,” Mr. Kabuswe said at the ongoing Copperbelt Business Show in Kitwe.

11 COMMENTS

  1. Vendetta have no money and can’t borrow
    Not what Kabuswe was telling us that there are legal issues….. the matter was withdrawn from court.

    • Vendatta are a waste of time. Any investor given this treasure on a silver platter like UPND have done would have rushed to gather resources and start mining immediately. The copper price is flying sky high and we are missing out. The trouble is 60 years after independence we are still spectators as foreign investors come to dance on our copper and goldfields. If a political leader is to promise me anything tangible at present he should tell me he will in the next five years make 50 percent Zambian investment into mining. UNZA should have by now an MBA focusing on mine management and Copperbelt University should be offering Research and Development services to various mining entrepreneurs. We should be seen to be actively involved in these abundant resources

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  2. So again the former regime was right to liquidate KCM. Vendatta is broke. They even wanted the money milungo recovered from liquidating it

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    • Milingo never recovered the money. the best he did was scamming government and the mine of the little squid to enrich himself and the thieving PF.

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  3. Just last week on May 25th,a Friday, KCM HR issue an internal memory informing it’s employees that their salaries will be delayed.

    It was not until UPND MP intervened that employees got paid as late as 18:00 pm that Friday.

    KCM contractors have not been paid for months, meanwhile KCM managers are on dollar rated salaries getting paid as much as K50,000 per month.

    KCM is not paying it’s contractors and the poor employees who are running it’s social and recreation clubs.

  4. Just last week on May 25th,a Friday, KCM HR issued an internal memo informing it’s employees that their MAY salaries will be delayed.

    It was not until UPND MP intervened that employees got paid as late as 18:00 pm that Friday.

    KCM contractors have not been paid for months, meanwhile KCM managers are on dollar rated salaries getting paid as much as K50,000 per month.

    KCM is not paying it’s contractors and the poor employees who are running it’s social and recreation clubs.

  5. Hopefully Socialist Party have a viable alternative, complete with figures that will rival government’s decision. Milingo was a liquidator and some of what look like astronomical figures to himself are the nature of the liquidation game. If there is any criminal liability on his part, let the courts decide or stop demonising him outside of the legal process. Let’s focus. Please.

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  6. That’s how it is if your govts since so called independence CANNOT put their house together, own & run professionally & profitably their natural resources. All they have been doing is to beg for foreign investor to come & so called invest who export unfinished products instead of us producing things like bullets & exporting them at good prices. African leaders fipuba sana kwena. That’s some of us DO NOT believe in anyone of them these ( politicians )educated fat cat for slaves of the west. THE WORST ENEMY TO ANY AFRICAN CHILD IS HIS POLITICAL LEADER.

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