Government has announced that pursuant to the call option deed between Vedanta Resources PLC and Zambia Copper Investments, Vedanta has exercised its option to acquire a further 28.4% shares held by Zambia Copper Investments in KCM.

This option will bring the shareholding of Vedanta in KCM to 79.42 %.

This is contained in a statement availed to ZANIS in Lusaka today and signed by Commerce, Trade and Industry minister FElix Mutati.

Mr Mutati said call option deed is binding between Vedanta Resources PLC and Zambia Copper Investments and is not subject to any further approvals or consent of government.

He said, to this effect, an agreement has been reached in principle for Vedanta to offer part of its shareholding in KCM to the Zambian public, cognisant of the need for greater participation of Zambians in corporations operating in the country.

Mr Mutati explained that following Vedanta’s exercise of its option to acquire the 28.4 percent shares held by Zambia Copper Investments in KCM, the Zambian government is now in the process of constituting a negotiating team which will soon be meeting with a team from Vedanta.

The minister said government is desirous of of ensuring that it maximises the possible benefits to arise out of the transaction and therefore, expects that the negotiations will result in the best possible resolution to safeguard the public interest in KCM.

Zimbabwe’s High Court on Monday refused to order the immediate release of delayed results from a March 29 presidential election, in a major blow to the opposition MDC.

Rejecting a Movement for Democratic Change application to force the electoral commission to release the result, Judge Tendai Uchena said: “I dismiss the case with costs.”

The MDC says its leader, Morgan Tsvangirai, defeated President Robert Mugabe in the vote, ending his 28-year rule.

The MDC went to the High Court after a long delay in issuing the result by the Zimbabwe Electoral Commission (ZEC).

Judge Uchena did not explain his judgement, but said the court would make it available by tomorrow.

The ZEC opposed the MDC’s application and says it is still counting and verifying the votes.

Zimbabwe’s economy is in ruins, with the world’s worst rate of hyper-inflation, but the judgement appeared to delay even further the time when the population will find out whether Mugabe’s almost three decades in power are over.

The opposition says Mugabe is holding back the presidential result to allow him time to prepare a violent response to his biggest electoral setback, when the ruling ZANU-PF party lost control of parliament in a parallel vote on March 29.

MDC spokesman Nelson Chamisa told Reuters: “Naturally we are very disappointed because I think we have a very strong case. We are going to decide the way forward after meeting our lawyers, but in our view the release of those results is very, very urgent.”

GENERAL STRIKE

MDC lawyers said they would decide whether to appeal after studying the High Court judgement. The opposition has called an indefinite general strike for Tuesday to protest against the delay.

Southern African leaders said after a summit in Lusaka at the weekend that the election result should be released “expeditiously”.

Further delays are expected because of legal manoeuvres and a recount of 23 constituencies ordered by the ZEC for next Saturday. The MDC is also challenging that decision in court.

ZANU-PF says neither Tsvangirai nor Mugabe won the necessary absolute majority in the presidential vote and a run-off will be necessary.

The delays have stoked tension in the southern African nation and brought a chorus of Western condemnation.

Both MDC and international human rights organisations say Mugabe has unleashed militias in a campaign of violence to intimidate opposition supporters ahead of a runoff.

The MDC says hundreds of villagers have been forced out of their homes by militia attacks and at least 50 needed medical treatment.

A quarter of Zimbabwe’s population has fled to escape inflation of more than 100,000 percent, chronic shortages of food and fuel and 80 percent unemployment.

The ZEC’s recounts could overturn the MDC’s victory in the parliamentary vote, Mugabe’s first defeat since taking power after independence from Britain in 1980.

MDC lawyer Selby Hwacha accused the ZEC of calling the recount to help ZANU-PF rig the poll.

In what the opposition says is a propaganda campaign, state media on Monday published a document alleged to have been written by MDC Secretary-General Tendai Biti containing the party’s plans to bribe polling officials to inflate MDC votes.

“This is a dirty campaign, a sign of desperation, publishing false documents which they have authored themselves,” the MDC’s Chamisa said.

Tsvangirai, who says he is a target of security forces, has said widespread violence could erupt unless African states intervene.

The summit of SADC (Southern African Development Community) in Lusaka at the weekend urged Mugabe to ensure any run-off would be held “in a secure environment”.

The former guerrilla commander did not attend.

Zimbabwe’s neighbours, particularly regional power South Africa, have been flooded with millions of economic refugees, causing outbursts of xenophobic violence.

[Reuters]

GOVERNMENT has approved a loan facility to buy motor vehicles for chiefs, President Mwanawasa announced in Mongu on Saturday.

In a speech read by Minister of Defence George Mpombo at the official opening of the Kuomboka ceremony, the President said the new deal administration had facilitated the loan to enable chiefs be mobile so that they can visit and monitor development programmes in their chiefdoms.

“I wish to take this opportunity to inform you that apart from the current guidance of culture and governance matters being addressed by the House of Chiefs, Government is actively addressing the welfare of our chiefs,” he said.

He said the Litunga and eight other traditional leaders in the province would be the first to benefit. These are: senior chiefs Amukena and Inyambo Yeta, chiefs Kandala Mutondo, Anang’anga Imwiko, Lukama, Litunga La-Mboela and Mulena Mukwae Mboanjikana.

The President said the initiative was being taken to improve the status and welfare of chiefs in the country.

The President also said the Ministry of Local Government and Housing would this year spend over K1.9 billion on road works in Western Province.

“My Government through the Ministry of Local Government and Housing and that of Lands has released funds to support the provision of housing in Mongu, Senaga, Seshenke, Lukulu and Shangombo,” Dr Mwanawasa said.

And Government has blacklisted the contractor working on the Shangombo District Hospital rehabilitation project following the shoddy works undertaken and the delays in completing the work.

The President said it was regrettable that the contractor had not completed the works.

He assured the people that Government will not tolerate any shoddy works and incompetence.

He said action had been taken against the contractor and that K1.7 billion has already been released to the Ministry of Health to find another company.

The President said that a total of 59 projects costing K26 billion have been undertaken at a total cost of K4 billion and that about 40 Government projects were being funded under the poverty reduction programme.

And during the handover of 17 vehicles to the Ministry of Health in Mongu, Mr Mpombo said Government was committed to improving health care service provision in the country.

The President said Government’s gesture demonstrated the seriousness that the MMD attached to national development.

“It is also evident that our Fifth National Development Plan represents our stated and firm roadmap towards attainment of a healthier Zambia enjoying the status of a middle income country,” he said.

“Today’s handover of these vehicles is part of an on-going exercise as each of the 72 districts shall eventually receive these vehicles whose total value is estimated at K25 billion,” he said.

“The Copperbelt, Eastern, Central, North-Western and Northern provinces have already received their share.”

[Zambia Daily Mail]