The Zambia Consolidated Copper Mines Investment Holdings says it is ready to completely take over all the struggling mines in the country.
ZCCM-IH Chief Executive Officer Pius Kasolo said in an interview that his firm is ready to take over the running of mines facing operational challenges as a way of saving jobs.
Mr Kasolo said ZCCM-IH which holds minority shares in most of the mining companies is interested in maintaining the viability of the mining industry which he said is critical for Zambia’s social and economic development.
He explained that ZCCM-IH would need to sit down and examine the operational challenges facing individual mines on a case by case basis.
‘You see these international companies play politics, and the economy of the mining affects the mining and buying, so for Mopani to say they are closing, there could be some economic benefits but there could be some political reasons too because there are some VAT problems, tax issues so we don’t know, until we sit down. We look at their mining plans and their costs of production,’ Mr Kasolo said.
He added, ‘My role here as an investment company in Zambia is to create wealth for my shareholders and safeguard jobs for Zambians. I am a Zambian, I have to safeguard jobs for Zambia, so if ZCCM has to take over, we shall take over.’
Why were the mines successful before? That’s the formula that needs to be revisited.
‘ I am a Zambian, I have to safeguard jobs for Zambia, so if ZCCM has to take over, we shall take over.’….I salute you Kasolo for making such a bold statement………Zambia still has ‘men of steel’ and with God on our side we shall come out strong from the current economic situation.
His so-called Excellency flatly failed to convince the mine-owners, now this cadre comes forward to say he can sit down, examine and talk to, the mines?
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Don’t you sit on the board to spill the rote here. You are share holders, so definitely you are part to the decisions being made unless your board has no collective responsibility.
He said ZCCM-IH is a minority share holder
@Zakeyo, ZCCH-IH seats are represented by Kasolo and PS mines on the board. Research.
Comment:May it be so if that is God’s will. Adonai hear our prayers, Amen.
This careless talking is amazing to say the least. Kasolo, you do represent the shareholders’ interest in those boardrooms and you have not sensed that things are wrong or fine. It simply means the shareholders’ interest is at risk under your management or you do not fully appreciate your responsibility typical of most PF appointees.
As minority shareholders, ZCCM-IH should have been aware of all problems affecting the mines, rather than speculating as they are doing now. The problem I guess is Staffing with wrong people who hardly know what their job is?
As minority shareholders, ZCCM-IH should have been aware of all problems affecting the mines, rather than speculating as they are doing now. The problem I guess is Staffing with wrong people who hardly know what their job is!
I know that we can profitably run the mines. They collapsed under ZCCM because KK demanded too much of the mines. We did not stick to the core business of mining, instead, profits were ploughed into:
1) Mulungushi traveller
2) Kasaba Bay lodge
3) Scaw metals
4) Mpelembe drilling
5) Nchanga farms
6) Manchinchi Bay lodge
7) Shipping company
8) Travel agency, and
9) Mealie meal producing mills
This time round, we can run the mines profitably, and use them as a training ground for Zambian graduates…I ENDORSE THE CONCEPT. I can be in Zambia next month to be a part of the team.
@Bashi Profiti
It is the same politicians in charge why should things be any diffierent if ZCCM-IH takes over
KK was attempting diversification. I would personally thank him for the effort. Mpelembe Drilling created employment for my fathers and uncles. Who in turn cared for us or sent us to school. We need or needed someone to take things further to make these companies profitable. So Bashi profit in my opinion, we still need these companies except with a proper management and administration. Otherwise whats the point of closing Mpelembe Drilling and bring in Murray and Roberts from South Africa. We are creating Jobs for South Africans
Kikikiki hilarious
ZCCM Ih and Mines Permanent Secretary sit on the Boards of the mining houses who have been blackmailing Government and ZAMBIANS and yet have done nothing to alert the President of what is happening on the ground.
ZCCM Ih could not run Colum Mine. Mr Kasolo please tell us then how you can run the large Mines.
PS Mines and Kasolo are a let down. President Lungu please replace them with competent people and not Upnd moles.
You can take over operations of these mines. The question is, can you run them PROFITABLY? Not to seem negative, but this government is not one that can run a business profitably.
Old school! Both govt an private sector use human beings. Do not be cheated by capitalists, govt can successfully run businesses if professionals are employed and interference is reduced.
Still thinking of sitting with the Mines, and understanding their problems/operations, when the problems have been raging for ages now, oh, whare where was ZCCM-IH? Non-stater!
wat a dull CEO by now you dont know problems these mines are facing yet you sit on the boards. Must have been drunk or just fooling the zambians. Explain how you corruptly gave k1 billion contract to a legal firm and now you want to handle bigger money so you misuse it bigger.
If only what you’re saying is true, the country would be better off.
Why is it that only the Mines under KCM want to come up with so drastic a measure against a problem that other mines are also experiencing, a problem that ZCCM also experienced from the late 70’s right into the early 90’s, before the Chinese bubble?
It’s now very clear selling off ZCCM was a huge mistake. Sometimes state run organisations are best for surviving economic down-turns.
Is this man claiming that ZCCM-IH has got funds to buy these mines? I highly doubt it. Most of them would gladly offload the mines if the right offer was made. I doubt ZCCM has this cash, otherwise they would have made the offer already
These empty tins are still talking about sitting down…we thought the lazy bum Edgar also when to CB to talk to them , oh I forgot he was busy campaigning.. ..stop cheating people you run the mines when all you want to do is keep people in employment whether you are making a profit or not like at loss-making Zamtel.
Please ba kasolo dont fun around with your minority shares as in investments thinking may be you can successfuly run these huge mining firms! Its not a ntemba as you have always anticipated. The problem you pf moles think may be every zambian is as dull as you cadres out there may be. As much as your ideas may be good, but does not guarantee a bridge to hoodwink the zambian people that you can impliment these plans before 2016 general elections, because we ve had our minds made up; its now UPND a party with a strategic vission. Viva HH, viva UPND.
THIS IS JUST A HOODWINKING AND RHETORIC TALK. ZCCM-IH AND ALL THE OTHER MINING COMPANIES HAVE FAILED THE ZAMBIAN PEOPLE, PERIOD. THEFTS BY THESE GUYS RUNNING THE MINES AND THE GOVERNMENT LEADERS IS WHAT HAS SENT OUR COUNTRY INTO THESE ECONOMIC DOLDRUMS. YOU GUYS ARE JUST LOUD SPEAKERS FOR NOTHING.
I wonder if Dr. Pius Kasolo is a true Zambian. If he is then he should know very well that it is the same ZCCM that ran down all the mines in Zambia due to lack of re-investment. In the end FTJ Chiluba was forced to privatize the mines because he saw no future in ZCCM running the mines in Zambia.
Most of the profits from the former ZCCM were channeled to POLITICS at the expense of recapitalizing the mines. He is also talking of sitting down with the mines to understand their problems??? If ZCCM-IH is a share holder in these mines then they should have engaged themselves way back to understand the daily challenges the mines are facing. IN SHORT ZCCM-IH HAS NO CAPACITY TO RUN THE MINES. It is like campaigning to bring back UNIP to run Zambia again and turn it back into a failed state.
“ZCCM that ran down all the mines in Zambia due to lack of re-investment.”
That’s not so. The fact was that copper prices were very low – much lower than today, between $1500 and $2500 per tonne. And the same transnational corporations now claim they can’t make a profit at $4,000? Of course, for the purpose of evading taxes and dividend payments, they ALWAYS claim they are not making a profit. And previous finance ministers were complicit. Remember how Situmbeko Musokotwane claimed that mines wouldn’t be profitable ‘for another 5 years’ – in other words, for another political term?
This is why ZCCM should swap local mine shares for Anglo-American De Beers, Glencore, etc. stock, wher actual dividends are paid.
Why is it that the Tswanas always get the good deals? Did you know that the Botswana government owns 15% of stocks of De Beers – Anglo-American Corporation now owns the other 85%.
The Bafokeng people in South Africa own Implats.
If there is going to be foreign ownership of the mines at all, that would be the way to go.
Google: bafokeng implats
The Royal Bafokeng Holdings owns 13% if Implats. Also, why only take payments in mining stocks? How about ExxonMobil, ING, Barclays, etc. stock.
The only caveat is that there is a huge exposure to derivatives out there. However, that also means that prices are very low and could be going lower, which is when people should be buying.
Also, ZCCM should hedge against price declines.
Dr Kasolo we all no you got that job simply because your ‘yama’ the late MCS instructed that you be put there. You had not run a high profile investment vehicle before this job. We all know you spent a better part of your adult life in France and South Africa hence your appreciation of economics on the ground may not be up to speed. The erratic power supply has more than affected the mining sector coupled with the slow down in appetite for copper in China, the strengthening dollar have all contributed to making production difficult. As a Zambian you might want to relook at those factors and not off load ZCCM-IH shares on the market before you assessed their true value. So Dr. face the facts or shut up!
I hear there is extravagancy at ZCCM~IH where even office ordery carter europlane to go to town just 2 buy broom, its gud no one takes them serious
ZCCM-IH is also playing politics by giving a false impression of capacity by issues this reckless statement. Is he saying Minister of Mines is wrong, cause is said the opposite yesterday. I guess is the usual disjointed PF policies and views.
Also, the two mandates of protecting shareholders equity and saving jobs may not always be in tune. We are in trouble or as they say “Ifintu ni Lungu!”
This speaks lounder than words can tell.So it means Mopani,KCM and Baluba mines have maintained thier stance to reduce labour force.
The Presidents trip to copperbelt was fruitless.
ZCCM collapsed the mines in 1980s dont fool us.
When is Lubambe shutting down?
When is Metorex in Kalulushi going on care and maintenance?
Uhhmm, now tell me whom does the government including ABC, Yaluma etc consult (if not ZCCM-IH) before taking decisions that affect the mines such as VAT, Mineral royalties etc? If ZCCM-IH say it will make an assessment of the mines to understand their individual challenges in the event of taking over the mines which may be surrendered, assessing now, I am worried, I thought you guys are 20% shareholders and that you are not sleeping shareholders? Does ZCCM-IH still possess expert knowledge of the mining industry anyway?
It is very true man. If these guys have failed to run the mines let us take over. How can we fail when its Zambians who do all the work? What we just need is seriousness in delivering. If the manager fails, he is sucked and so on. We need the dollars from mines to remain in the country for the Kwacha to stabilize.
…ZCCM-HI is under the armpit of the govt….just the other day…Yaluma was saying govt has no capacity to run the mines….where does Kasolo get the balls to say this…??
These foreign mine “owners” should not for ever take us for a ride. They must be made to understand that we own the minerals and if at the moment we are getting almost nothing out of them, we can as well accept that they hand over. In Tanzania, they tried to cheat on mineral TANZANITE and were told to either go by the county’s demands or pack up but chose to stay than loose everything. If we failed that time doesn’t mean we shall forever. We learnt the lessons and am sure we can do it. A few exparts can apply for jobs but the mine is and shall forever remain ours.
With you thieves at the helm??? I can see the end of the mines looming! It is another Zambia Railways!
It is sad that a lot of people have doubts about the competency of our people to run the mines. No ammount of foreign investment or even charitable assistance from outside is ever going to develop Zambia.
We have enough bright and able Zambian engineers, experts and professionals who need to be given an opportunity to run the mining industry. I have no doubt that a well directed national mining company can be a great source of internal growth and job opportunities.
The had the opportunity before and they Fu..Cked it up. What bright Zambian engineers are you talking about? Most Zambians engineers are just good at drinking beer and are long outdated in thinking…
Dr. Kasolo, what political party do you belong to?
Comment:This very strange news,mary go round state of affair,from nccm to zccm from zccm kcm aglo from kcm aglo to kcm vendata then back to zccm again? it cant never pay me my dues!.
Eugene lehman,Metorex chibuluma mine is has labour force of over 500 employees and it has indicated that it reducing labour by retrenching 300 employees
No doubt about how bright Zambians are, show me one Zambian contractor which has been operating at Mopani for more than Ten Years from which Zambian employees have really benefited…Zambians businessmen and executives build mansions buy expensive cars and forget about the employees…it will be the same when ZCCM IH takes over. Directors will import bricks from Australia to build personal houses and the Zambians will still remain in the cold. Zambians are selfish and the probability of mismanaging the mines are very high…These are actually sentiments scaring away the needed investors not The Post. By the way how many have bought shares in ZCCM preferential offer…looks like a flop to me.
The Kwacha will always depreciate due this kind of careless talk from these pf cadres. PF are crooks, its just a way of intimidating the current mine owners so that they may do away with the already embarked retrenchment programme. PF have no capacity to run the mines, all they want is to take over, keep the miners in jobs on borrowed money and then chuck them out after winning elections. They have failed to run manageable parastatals such as Zesco, Zam Post, etc, how are they to run huge capital intensive mines….niboza, PF in chipatepate, balesabaila fye to hoodwink voters in the Copperbelt!! People of Zambia open your eyes and vote wisely, pf have run out of ideas….no serious govt on earth would be putting across threats to investors who have put in billions of their $monies in…
Cont…
this way, pf have no skopuu!!!
Those who are too young will applaud this rubbish. Those of us old enough and who lived through the same hair brained ideas during UNIP know it’s crap. Please read research learn from history otherwise you will try to reinvent the wheel.
I can not add anything more…. i have heard this crap before
Seriously, i thought Kasolo having worked in other parts of the world apart from Zambia would have a full global understanding of these issues. Look at how many mines in the world that are either downsizing or going on care & maintenance. Apart from a bunch of you sitting their @ Mukuba House in the comfort zone, do you adequate resources to run these mines & billions of dollars to recapitalize them? You are a CEO with no vision & just like EL people like u will keep sinking Zambia. After KK nationalized these mines, the new owners made sure that they signed very detailed legally binding contacts to avoid political take overs. You will lose in International courts billions of dollars. Ask DRC how much they paid First Quantum.
They don’t even have working capital to put in the mines and are dreaming of managing them what a joke. I had respect for this guy, it seems when one joins PF they start singing from the same stupid Chawama song
All those throwing dirty on Kasolo should just take a sit,if you don’t understand something it’s better you keep quiet.Kasolo represent the interest Zambians but the owners of these mines don’t give a damn about anyone but their profit for example when glencoe anounced closure of mopani and their katanga mine copper prices were raised by 17% which is a good thing for them so if they halt productions for 18 months they expect copper prices to go up plus they got millions in debts to settle this is beyond Edgar Lunga olo Kasolo,it’s about glencoe and it’s share holders.
With due respect, this man does not inspire any confidence. ZCCM -IH taking over the closing mines under the circumstances could be the best thing that would happen, but listening to my brother, l am very sure the holding does not have any financial muscle whatsover to operat even one shaft. Government should just give the mines their VAT refund and negotiate the way forward.
Well said @ KGB affiliate
The personal comments are below the belt and primitive in some cases. Kasolo is one of our most educated Geologists chap with a PhD and rightly runs this giant conglomerate.
He is making the right noises, personally I wish for the old days when we owned our mines. It’s time for the gov’t to rethink privatisation. It’s has not been a success for the people’s interest. Enough is enough, it’s time to rid our country of these vultures that bullied us out of ZRA’s well thought out Tax changes.
That’s Patriots Abroad….
In all advanced economies,the government has an active hand in strategic industries, hence, those who say government cannot run actively an industry are myopic. Take a good look at Europe and you will understand this and the IMF or World Bank will never advise otherwise to these developed countries
That’s correct but our problem is that we get cadres to run these industries. Cadres and relatives without the requisite knowledge. So lets not compare disciplined western societies with our disorganised, corrupt regimes.
Come on doctor you are better than that.You know exactly what is going on.Taking over does not sound investor friendly.This are private entities with different share holders unless you want to commit expropriation. Glencore was open about it’s $20B debt.Glencore was almost rated junk by crediting agencies,that meant closing it or declaring bankruptcy.The share value tanked to an all time low.Remember it is not copper that is in trouble even,zinc,aluminum,gold.This are diversified mining giants so there are being hit even in other metals that they mine.What Glencore has done is what is called survival.Some mines made intensive capital investments which have to pay back.Then again let’s not drink most of the kool-aid,a devalued kwacha currency means most of their COP has significantly…
What we lacked under the old ZCCM was recapitalization of the mines, which these so called investor have already. Reminder the copper prices were below $2000 per ton. We at over $5000 per ton, let us use their threat to throw them out and repossess the mines at no cost. I think time ripe to use our brains properly and refuse to bend. Well done, Kasolo. I am ready to help strategize on the way forward.
Sad state of affairs.THey will loot the mines.give themselves lucrative conditions of service,personal to holder vehicles,flying all over in first and business class,send their children overseas,send their spouses overseas for shopping,give the spouses personal to holder vehicle,build luxurious homes,no recapitalization,use money for campaigns as they do with ZESCO,NAPSA,The employees will remain at the same level.THey will employ their relatives,and cadres.With the corruption that is embraced today,Iam worried with the likes of RB ,DORA,LIATO,Zambia heading for doom.not the current politicians,it wont do.Lets for a change be sincere and be morally upright.Stop playing politics and playing to the gallery,and for once,stop a ting on impulse.those who retired from the mines are looking for…