Saturday, June 28, 2025
Home Blog Page 3301

KCM is not closing Nchanga Underground mine

14

KCM
 
Konkola Copper Mines has dispelled reports that it is closing its Nchanga underground mine in Chingola.

KCM Manger for Public Relations & Communications Shapi Shachinda said in a statement that reports that Nchanga underground mine has been placed on care and maintenance were untrue.

“Contrary to media reports on 31st July 2015, Konkola Copper Mines (KCM) wishes to clarify that it has not made a decision to close the Nchanga underground mine nor scale down operations at the Nkana Refinery. The company’s operations remain open and production is continuing. No workers have been laid off and no contracts have been terminated, Mr Shachinda said.
 
He added, “The basis of media stories circulating was an unofficial memo circulating in the company early on Friday morning. This memo has no official sanction from within the company.”
 
Mr Shachinda also said that the implications of electricity cuts are still unclear.

He said KCM is in close consultation with Copperbelt Electricity Company (CEC) and the Government in relation to the implications of load shedding. 

Mr Shachinda said the welfare and livelihoods of employees and contractors at KCM are foremost in decision making about the impact of the current power situation.

African entrepreneurs must run twice as hard-Justin Chinyanta

13

Justin Chinyanta speaking at the Nyamuka National Business Conference held at the Mulungushi Conference Centre
Justin Chinyanta speaking at the Nyamuka National Business Conference held at the Mulungushi Conference Centre

Zambian born prominent African investment banker Justin Chinyanta says Africa still offers plenty of opportunities despite the many challenges present on the continent.

Mr Chinyanta who is the Chairman and Chief Executive Officer of Loita Holdings Corporation Africa said natural resources are plentiful on the continent but need to be developed to full potential.

He said which African entrepreneurs face challenges of poor infrastructure such as electricity-load shedding, unreliable telephone networks, poor road systems, cumbersome border delays, abundant labour but limited skilled resources and burdensome and frequently changing regulatory requirements including the difficulty of accessing capital.

Mr Chinyanta whose Loita Capital has arranged over $3Billion of deals throughout the continent was speaking in Lusaka during the Nyamuka Zambia National Business Conference.

“If African entrepreneurs do things differently, in my view, it is because of the exigency of the developmental issues they face, This means that they must run twice as hard as the entrepreneur in the West and East to just stay in the same place, but still they thrive,” Mr Chinyanta said.

He added, “That is not to say that Africa does not present opportunities for the entrepreneur, young populations are willing to try new ideas, really handy for a market.”
Mr Chinyanta has since called for the setting up of venture capital fund to fund viable SMEs in Zambia.

“In this regard I am passionate about enabling the accessing of capital by SMEs in particular. Let us see a venture capital fund specifically to focus on the funding of viable ideas and Greenfield enterprises. Such a fund (unlike the CEEC) should not be an initiative of government but a PPP (Public Private Partnership), the private sector (through a body such as the Zambia Chamber of Commerce and Industry-ZACCI) in joint venture with government but managed by the private sector,” he said.

He added, “Personally I would like to cede some capital to such an initiative, it makes great business sense. In addition to addressing the SME capital requirements, technical advisory capacity and business culture enhancement (including the fostering of a culture that respects debt) would also need to be included as part of the total package.”

Mr Chinyanta is a Zambian trained lawyer with a Bachelor’s degree in law from the University of Zambia and is a specialist and an expert in the financial markets of eastern and southern Africa, with over twenty years of professional experience in commercial and investment banking in the region.

Prior to forming Loita Holdings Corporation, he held senior positions with Citibank and HSBC Equator Bank in Africa.

Mr. Chinyanta sits on various Boards of private African corporations and NGOs as well as serves on Zambian Investment and Business Advisory Committee.

He is also the Executive Vice President for the Southern Africa Chapter of the Africa Business Roundtable and has been appointed on the Expert Roster of the United Nations Institute for the Training and Research for the Debt, Financial Management & Negotiation Programmes.

Mr Chinyanta was invited by Harvard University Weatherhead Center for International Affairs (WCFIA) to become a Fellow.

Delay in NFNC Act review process worries CSO-SUN

1

The Zambia Civil Society Scaling up Nutrition Alliance says the delay in the review process of the National Food and Nutrition Commission (NFNC) Act of 1967 is worrying.

CSO-SUN Alliance Head of Communications and Advocacy Eneyah Phiri Government seem to have stalled the process after showing political will and enthusiasm during the inception phase.

Mr Phiri said the ground work has been done and stakeholders were consulted and a bill was submitted to the Ministry of Health for consideration and further submission to Cabinet office before being sent to Parliament for deliberations.

“It is therefore surprising that the Government seems to have grown cold feet, stalling the entire process. We are aware that the bill is sitting in the Minister’s office. This is in stark contrast to the spirit with which the process was commenced,” Mr Phiri said.

“We urge the Government to emulate its earlier conviction to deliver a revised NFNC Act in a timely manner. We are already beyond the timeframe that was agreed upon as the bill should be in parliament now for deliberations.”

He said the NFNC Act of 1967 in its current form does not support the attainment of optimal nutrition status for all in Zambia adding that it has never been repealed since its adoption in 1967 and therefore does not reflect the current socio-economic status of the Country.

“Furthermore, the Act does not grant the NFNC adequate authority to convene and coordinate among the different actors who need to work together to ensure adequate progress in tackling malnutrition.”

He said due to its multi-faceted nature, combating malnutrition requires coordinated action from multiple sectors of Government.

“Currently, the responsibility for coordinating efforts to tackle malnutrition in Zambia is assigned to NFNC which is an organ of the Ministry of Health. However, despite its efforts, NFNC has limited powers and capacities to perform its mandate as it has no solid legal framework to support it. It is for this reason that the delay in completing the review process does more harm than good.”

He observed that the 1000 days programme is gaining traction now as the country heads towards the implementation phase.

Mr Phiri warned that Government risks undoing its own work if there is no strong coordination among Nutrition actors.

“Sadly, we note that it is becoming typical of the Government not to follow through on its commitments especially in the Nutrition sector. In June 2013 at the Nutrition for Growth summit, Government made a commitment to strengthen the governance and coordination mechanisms of the nutrition sector. One way in which it committed to do this was by reinforcing the functioning and accountability of the NFNC to adequately coordinate across the key sectors.

Delaying the review of the Act is a direct failure to fulfil this commitment.”

He continued, “Hence, CSO-SUN urges the Government to shed the poor finishing tag that has characterised many of its programmes by finishing what it started and timely enacting the bill into law.”

Opposition parties should not shun visiting State House-Veep

14

Vice President Inonge Wina (Left) and Minister of Home Affaires Honorable Davies Mwila (Right) walking to the podium for a campaign rally at Chishikishi Primary School in Lumamya ward in Bangweulu Constituency Samfya district
Vice President Inonge Wina (Left) and Minister of Home Affaires Honorable Davies Mwila (Right) walking to the podium for a campaign rally at Chishikishi Primary School in Lumamya ward in Bangweulu Constituency Samfya district

Vice President Inonge Wina has advised opposition parties not to shun visiting state house.

Ms. Wina who was speaking during a Patriotic Front (PF) rally at Katanshya Primary School in Samfya District in Luapula Province said some Members of Parliament (MP) in the opposition party shun visiting state house adding that development is for every Zambian.

She said government is there to work with all the MPs regardless of their tribe and political affiliation to ensure that development is taken to all parts of the country.

The Vice President was said this when she visited Katanshya Ward in Samfya District to give support to the adopted Patriotic Front (PF)
candidate Antony Kasandwe for the August 6 by-elections to be held in Bangweulu Constituency.

And Patriotic Front Deputy Secretary General Mumbi Phiri reiterated that United Party for National Development (UPND’s) President has not visited the area after learning that the candidate contesting the UPND ticket Blanco Muma was not Tonga by tribe.

She explained it was evident enough that UPND President Hakainde Hichilema has neglected his candidate due to ethnic reasons.

Present at the rally were Home Affairs Minister Davis Mwila, Community Development Mother and Child Health Minister Emerine Kabanshi, Luapula Province Minister Benson Kapaya, Deputy Minister of Defence Christopher Mulenga and Kawambwa Member of Parliament Nixon Chilangwa.

Chinese national in court for illegal crocodile hunting

18

crocodile
A Chinese national and two Zambians have appeared in the Chinsali Magistrates court charged for illegally hunting a crocodile.

But the trio have told the Court that they had to hunt the crocodile from the Zambia Wildlife Authority (ZAWA) in Kasama.

The trio said this today when the case came up for written facts before Senior Resident Magistrate Francis Nsokolo.

The two Zambians are Patrick Mutale, 28, and James Bwalya, 35, both Samfwa pontoon operators who are jointly charged in count one of illegal hunting of a crocodile in open area contrary to section 67 Act Number 12 of 1998.

They told the court that the authority came after numerous efforts by the ZAWA officials to kill the reptile which has so far killed 21 people in the area.

The Chinese national Yulong Sun, 26, has maintained a plea of guilty in the second and third count of illegal possession of government trophy and crocodile skin contrary to section 100 of Act Number 12 of 1998, and Section 136(2) SI 61 of 1993 respectively.

The court has adjourned the matter for continuation of trial to August 18, 2015 on which the ZAWA officials are expected to appear and testify in the matter.

Meanwhile, Chief Kabanda has written to the court pleading that the two charged in the first count for illegal hunting be discharged.

President Lungu values relationship between Zambia and Australia-George Zulu

9

PRESIDENT Edgar Lungu values the good relations that exist between Zambia and Australia, Zambia High Commissioner-Designate to Australia, George Zulu has said. Mr Zulu says President Lungu sent a Resident High Commissioner to Australia because of the outstanding warm and cordial relations between the two countries and increased investment between the two.

He said this when the outgoing High Commissioner to Australia, who is based in Tokyo Japan, Ambassador Mwelwa Chibesakunda paid a courtesy call on him at his office in Canberra, Australia on Thursday.

This is according to a statement issued by First Secretary of Zambia High Commission to Canberra Australia Alick Banda.

Mr Zulu said President Lungu was convinced that Zambia and Australia could further enhance the good relations existing by venturing into other areas of investment such as agriculture and tourism.

‘Australian companies have invested heavily in the mining sector and offering many scholarships for Zambians to study in Australia, hence the need to further strengthen the relations,”Mr Zulu said.

He said the conducive environment President Lungu and the PF Government have put in place has made many investors from Australia and other countries to do business in Zambia.

He indicated that there were over three thousand Zambians living in Australia and this was possible due to the good relations between the two countries.

He said the Minister of Foreign Affairs Harry Kalaba launched the Foreign Policy last year in October to focus on Economic Diplomacy and that the Minister will in the near future consider the Diaspora Policy to include the interest of the Zambians living abroad, including those in Australia.

He said the Diaspora policy will ensure that Zambians living abroad play a significant role in the development of their country.

He added that President Lungu has an all -inclusive and open door policy to allow as many talented Zambians as possible to be part of the development of the country.

Ambassador Zulu thanked Amb Chibesakunda for promoting good relations between Zambia and Australia since 2012, when he was extra-accredited to Canberra.

He said it will now be easy for Zambians to get assistance in Canberra other than sending requests to Tokyo Japan, which took long to come through. This included visa issues and passport matters.

And Amb. Chibesakunda said the decision to re-open the Mission in Australia was timely and important as most Zambians in their thousands in Australia will have a better service at their disposal.

He expressed hope that more information about investing in Zambia as well as tourism, would easily be obtained by Australians and Zambians included, now that the High Commission was established in Canberra.

He said Zambia stands to benefit a lot from science and technology where Australia is advanced and this will ultimately boost the education sector in Zambia, especially in Universities.

And during a courtesy call on the same day at the Department of Foreign Affairs (DFAT) in Canberra, Amb Zulu who met senior officials for the African Desk at the Department, was informed that Australia would continue to support Zambia and offering scholarships in various fields.

First Assistant Secretary at DFAT Marc Innes-Brown, Director of the unit, Matthew Nuehaus and Director for Southern Africa Andrew Barnes, reiterated Australia’s resolve to continue supporting Africa and Zambia in the education sector for some time to come. They indicated that about 15 more scholarships will be offered to Zambia in the next academic year.

Mr Zulu was also informed that Zambia was chosen as the venue for the Australia-Africa Leadership Dialogue Conference which will take place in Livingstone In September this year, where among issues to be discussed will be security cooperation.

Zambia closed its Mission in Canberra, Australia in 1991 due to economic reasons. The country was being covered by Zambia’s Mission in Tokyo,Japan, until now when the country decided to re-open the Mission due to increased investment, many Zambians in Australia and good relations between Zambia and Australia.

Collaborate with Government and business entities, Chitotela urges youths

2
Zambia’s Youth and Sport Deputy Minister Ronald Chitotela (third left) and participants at the Junior Chamber International (JCI) Global Partnership Summit on 30 July, 2015 at the United Nations Headquarters in New York.  Photo Courtesy | Mulemwa Moongwa
Zambia’s Youth and Sport Deputy Minister Ronald Chitotela (third left) and participants at the Junior Chamber International (JCI) Global Partnership Summit on 30 July, 2015 at the United Nations Headquarters in New York. Photo Courtesy | Mulemwa Moongwa

Youth and Sport Deputy Minister Ronald Chitotela has urged youths to constantly collaborate with Governments, business entities and civil society to create employment and address many challenges facing young people.

This is according to the statement released to the media by Zambia’s First Secretary for Press and Public Relations at the United Nations Mr Chibaula D. Silwamba.

Addressing the 2015 Junior Chamber International (JCI) Global Partnership summit under the theme: “collaborating for a sustainable future”, at United Nations Headquarters on Thursday, Mr. Chitotela said about 45.5 percent of Zambians were youths and that Government had placed them at the core of sustainable development.

“Zambia has endeavoured to improve the status of our youths through: increasing investments in education particularly at secondary and tertiary level to improve on enrolments as well as quality training to impart development skills so that education becomes relevant to our young people of today; investing in infrastructural development including construction of sporting facilities that will keep the youths actively engaged in development process and deter them from engaging in vices that are detrimental to their lives,” Mr. Chitotela said.

“Youth empowerment funds that seek to assist youths in all our 10 provinces in Zambia with seed capital to engage in income generating activities which contribute positively to national development; reviewing the national youth policy which has taken into account the new and emerging issues that affect our youths and provides measures that empower our youth through various initiatives and innovation; and harnessing demographic dividends that will ensure the ratio of working adults (including the youths) significantly increases.”
He said the Government’s initiatives could not be achieved in isolation.

“These efforts demand for participation and collaboration with all stakeholders including the private sector, cooperating partners and civil society. This is why we support the JCI initiative as it opens the doors to further champion the cause of the youth particularly in the areas of education and skills development, health and job creation,” Mr. Chitotela said.
The Deputy Minister said the challenges facing youths were similar worldwide and required concerted efforts from all stakeholders to address them.

Mr Chitotela said youth seek quality education, quality health services and decent jobs.
He called on youths to take advantage of various youth empowerment programmes at their disposal that promote growth, prosperity, and an eco-friendly environment.

“Young people can work with their respective Governments, business leaders, and civil societies to promote youth employment and enterprise development such as replication of sustainable youth entrepreneurship initiatives, skills development, and other development practices that are environmentally friendly; they can collaborate with their civic leaders and promote patriotism in order to prevent internal conflicts; and can engage and promote good health habits for, and amongst themselves, to prevent premature deaths from both communicable and non communicable diseases,” the Deputy Minister said.

“Sustainable future depends on young people working with Governments, civil society, and the global community in promoting peace and security which is an ingredient of development.

Therefore, a summit of this magnitude must be able to support the engagement and empowerment of young people to be actively involved in conflict prevention, resolution, and peace building processes and initiatives.”

Mr. Chitotela encouraged youths to network and share best practices, knowledge, skills and experiences that promote peace and prosperity.

The 2015 JCI Global Partnership Summit, organized by JCI in partnership with Office of the Secretary General’s Special Envoy on Youth (OSGEY), took place from 28 from 31 July 2015 and discussions focused on the implementation of Sustainable Development Goals (SDGs).

JCI is a nonprofit organization of young active citizens aged between 18 and 40 years who are committed to creating positive impact in their communities.

President Mutharika arrives in the country

7
MALAWIAN President Peter Mutharika inspects a guard of honour mounted for him on arrival at the Kenneth Kaunda International Airport in Lusaka
MALAWIAN President Peter Mutharika inspects a guard of honour mounted
for him on arrival at the Kenneth Kaunda International Airport in
Lusaka

Malawian President Peter Mutharika has arrived in the country for a two day state visit and to grace the 89th Agriculture and Commercial Show.

The Malawian Head of State arrived this afternoon at Kenneth Kaunda International Airport (KKIA) at about 16:35 hours Zambian time and was received at the airport by his host counterpart President Edgar Lungu.

Professor Mutharika was also met at the airport by Minister of Foreign Affairs Harry Kalaba, Justice Minister Ngosa Simbyakula, Agriculture and Livestock Minister Given Lubinda, Lusaka Province Minister Obvious Mwaliteta, and other senior government and party officials.

The Malawian Head of State inspected a guard of honour mounted by the Zambia Army.

The two Presidents were treated to an array of entertainment by the traditional dance troops and the PF women choir before leaving the airport.

While in the country, Professor Mutharika is also expected to hold bilateral talks with President Edgar Lungu at State House before attending a state banquet at the Intercontinental Hotel later.

According to a Programme released by Cabinet Office, Professor Mutharika will be accompanied by his wife Getrude.

Apart from officiating at the Zambia Agriculture and Commercial Show on Saturday, Professor Mutharika is also expected to lay wreaths at Embassy Park the Presidential burial site before paying a courtesy call on Zambia’s first President Kenneth Kaunda at his office in Kabulonga.

Malawi President Prof Peter Mutharika with Malawi First Lady Gertrude Mutharika with President Lungu and First Lady Esther Lungubeing entertained by traditional dancers   on arrival at Kenneth Kaunda International Airport -Pictures by THOMAS NSAMA
Malawi President Prof Peter Mutharika with Malawi First Lady Gertrude Mutharika with President Lungu and First Lady Esther Lungubeing entertained by traditional dancers on arrival at Kenneth Kaunda International Airport -Pictures by THOMAS NSAMA
MALAWIAN President Peter Mutharika inspects a guard of honour mounted for him on arrival at the Kenneth Kaunda International Airport in Lusaka
MALAWIAN President Peter Mutharika inspects a guard of honour mounted
for him on arrival at the Kenneth Kaunda International Airport in
Lusaka

North-Western MPs back calls to move provincial capital fromSolwezi

12

MMD National Chairperson Kabinga Pande
Kabinga Pande

MEMBERS of Parliament (MPs) from North-Western Province have supported calls by their traditional leaders that the provincial capital should be moved from Solwezi to Mufumbwe.

Chairperson of MPs from North-Western Province Kabinga Pande said at a press briefing in Lusaka yesterday that they have resolved to support the decision taken by chiefs on the matter.

“We have decided to support the decision taken by our traditional leaders. We want the provincial capital to be moved to Mufumbwe because it is centrally located.

“And this idea of moving the provincial capital is a welcome move because it will create more jobs for our local people,” Mr Pande said.

Recently, President Lungu said he will table before Cabinet the proposal to move the North-Western Province headquarters from Solwezi to another district.

Traditional leaders in North-Western Province submitted to the President at a meeting held at State House last month that the provincial capital should be moved from Solwezi to Mufumbwe.

UPND cadres attack PF mobilisation team

38

THE Patriotic Front (PF) mobilisation meeting which was scheduled to take place at Monze Golf Club yesterday turned violent when United Party for National Development (UPND) cadres invaded the premises.

About 500 people among them former UPND provincial youth secretary Twaambo Ndhlovu were defecting to the PF.

Before the defectors were formally received, about 150 suspected UPND cadres wielding an array of weapons including knives and pistols stormed the meeting and started attacking the people that had gathered for the PF meeting. Some of the attackers threatened to harm PF national mobilisation chairman Paul Moonga.

The aggressors threw stones at the crowd seriously injuring two people who were rushed to Monze District Hospital.

Police officers stood by and watched helplessly as some PF members begged them to stop the attackers.

And Mr Moonga has called for the arrest of a suspected UPND cadre only known as Cornhill for threatening him with death.

“We are under siege. I can’t address the meeting and yet police are here failing to stop what is happening,” he said.

Mr Moonga described the violent incident as shameful. He said he had a lot to share with the people had it not been for the fracas that transpired.

And PF member Given Hamanyanga has expressed disappointment at the violence by the UPND cadres.

Calm was eventually restored after police fired tear gas at the attackers who scampered

23,000 local authority retirees not paid their full terminal benefits.

3

A total of 23,000 local authority retirees across the country have not been paid their full terminal benefits.

Zambia Local Authorities Retirees and Pensioners Association (ZALARPA) National Secretary Sellah Sakayi said of the 23,000, only 10,000 retirees have been paid partially while 13,000 are awaiting their full benefits.

Mrs. Sakayi told ZANIS in a telephone interview in Lusaka yesterday and appealed to government through the Ministry Local Government and Housing to speed up the process of paying the said retirees.

And Mrs. Sakayi disclosed that her association will soon engage the Ministry Local Government and Housing to discuss the matter.

She said other key stakeholders from Copperbelt, Central and other provinces across the country have also been invited to the meeting.

Meanwhile, Mrs. Sakayi has called on government to operationalise the much anticipated and talked about pension reforms.

Avoid voting for MPs on the basis of their financial muscle or body appearance-President Lungu

41
President Lungu being welcomed by newly crowned Paramount Chief Chitimukulu at Mwende Ngombe, Mungwi District
President Lungu being welcomed by newly crowned Paramount Chief
Chitimukulu at Mwende Ngombe, Mungwi District

President Edgar Lungu has advised electorates in Kasama Central and Lubansenshi constituencies in Northern Province to elect credible people in the forthcoming parliamentary bye-elections.

Speaking at Kasama Airport shortly before departure to Lusaka after gracing the coronation of Paramount Chief Chitimukulu of the Bemba speaking people yesterday, President Lungu said Zambians should carefully scrutinize aspiring candidates they choose to represent them in Parliament.

He observed that the people of Kasama and Lubansenshi in Luwingu District have an opportunity to elect quality Members of Parliament who will have their interests at heart.

President Lungu said electorates should avoid the mistakes of voting for parliamentary candidates based on their financial muscle or their body appearance.

He urged PF officials in Kasama Central and Lubansenshi constituencies to adopt popular candidates on merit to ensure victory in the impending parliamentary bye-elections.

The Kasama Central seat fell vacant after former PF MP Geoffrey Bwalya Mwamba crossed the floor to join the opposition UPND while the Lubansenshi seat was today nullified by the Supreme Court due to electoral malpractice by the former MP Patrick Mucheleka.

The Electoral Commission of Zambia (ECZ) is expected to set the dates for the two parliamentary bye-elections.

President Lungu was seen off at Kasama Airport by PF Secretary General Davies Chama, Labour Deputy Minister Alfridah Kansembe, heads of government departments and PF members.

President Lungu confers with newly crowned Paramount Chief Chitimukulu
President Lungu confers with newly crowned Paramount Chief Chitimukulu

Zambia face Ivory Coast in a must-win CAF U23 Cup qualifier

1

Zambia on Saturday face Ivory Coast in a must-win 2015 Caf Under-23 Cup qualifier at Nkoloma Stadium in Lusaka.

Fighton Simukonda’s boys must beat the Ivorians in this return match of the final round to qualify for Senegal championship and remain in contention to make it to the 2016 Olympic Games.

The first leg on July 18 in Abidjan ended scoreless.

“We must make sure we beat them (Ivory Coast). We have an opportunity to go to the Olympics. Anything is possible but they won’t beat us,” Zambia midfielder Mulenga Mukuka said.

Ivory Coast assistant coach Souhano Haidara told journalists on arrival at Kenneth Kaunda International Airport that his charges were in Zambia to win.

“The Zambian team is one of the best that we played and we know it is not going to be easy, but we came here to win,” Haidara said.
Winner this weekend will qualify for the 2015 tournament to be hosted by Senegal from be held from November 28 to December 12 in Senegal.

The top three finishers at the second edition of the Caf Under-23 Cup will qualify for the Rio 2016 Olympic Games.

Meanwhile, Simukonda on Friday morning unveiled his final 20-member squad to face the Young Elephants in Lusaka.
Below are the names of the 20 players available for selection.

Toaster Nsabata,Kenny Mumba,Benedict Chepeshi,Mweene Mumbi,Kapota Kayawe,Solomon Sakala,Bernard Mapili,Jackson Chirwa, Jacob Ngulube,Shadrick Malambo, Ronald Kampamba, Moses Phiri,Mukuka Mulenga, Charles Zulu,Kelvin Mubanga, Bruce Musakanya, Benson Sakala,Patson Daka, Sam Friday,Salulani Phiri.

ZAMTEL needs Capitalization of US$300 million-Mukanga

42

Zamtel

State owned Telecommunications Company, Zamtel needs a capitalization of US$300 million for it to become more viable.

Transport, Works, Supply and Communication Minister Yamfwa Mukanga says government may not however provide the whole US$300 million to capitalize Zamtel.

Mr. Mukanga says government wants to establish how best it can improve operations of Zamtel through capital refinancing.

He says government is also considering bringing an investor on board to assist improving the telecommunications company’s operations.

And Mr. Mukanga has disputed assertions that government interference in the operation of parastatal companies like Zamtel is what has led to their underperformance.

He says as Minister under whose ministry Zamtel falls, he has left decision making to its board.

Mr. Mukanga states that red tape of government operation is what makes parastatals like Zamtel not to perform as other private companies like Airtel and MTN having been performing.

He says unlike the quick decision making and funding in these private entities, decisions in state owned companies take long because of the bureaucratic stages.

Government launches the floating of 17% ZCCM-IH shares to the public

8

Finance Minister Alexander Chikwanda addressing accountants during the ZICA annual ball dinner at Zambezi Sun Hotel in Livingstone
Finance Minister Alexander Chikwanda

Government has officially launched the sale of 17 percent of its shares in Zambia Consolidated Copper Mines Investment Holding -ZCCM IH- to the public.

Finance Minister Alexander Chikwanda says the move is a significant step in the evolution of the PF government’s development agenda which is anchored on creating higher levels of wealth for citizens.

Mr. Chikwanda says the off loading of government shares in ZCCM IH is in conformity with the Security and Exchange Commission’s requirement for companies listed on the Lusaka Stock Exchange -LuSE- to publicly float 25 percent of the shares.

Speaking during the launch in Lusaka last evening, Mr. Chikwanda further reveals that the sell of government shares will also raise resources for the treasury as was provided for in the 2015 budget.

And ZCCM IH Chief Executive Officer Pius Kasolo says the company has continued growing its portfolio beyond mining and is now venturing into energy, agriculture and real estate.

Dr. Kasolo says ZCCM’s vision is to effectively manage and grow investments as part of ensuring that shareholders get a return for the money.

He has also appealed to Zambians to buy shares in ZCCM-IH because despite metal prices being low currently the prospects are high as Zambia continues discovering new mineral rich areas.

And speaking during a panel discussion Lusaka Stock Exchange Chief Executive Officer Brian Tembo noted that the offloading of more shares in ZCCM-IH to the public will further improve the liquidity ratio on the stock market.