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Posté: Mer 24 Avr 2013 17:40Invest part of US$100m KCM debt to ZCCM-IH in Chingola'
By Chiwoyu Sinyangwe
Wed 24 Apr. 2013, 14:00 CAT [120 Reads, 0 Comment(s)]
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ZCCM-IH should invest part of the US $100 million debt payment from Konkola Copper Mine (KCM) to improve the welfare of areas the company operates, says former vice-president Enoch Kavindele.
And Kavindele has urged the government to intervene in the dispute between KCM and Brazilian company U&M which has put 600 jobs on the line, creating a lot of despondency among residents of Chingola.
ZCCM Investment Holding (ZCCM-IH) and KCM have entered into a settlement agreement for the payment of over US $100 million (KR540 million) debt that the latter owes.
Under the settlement agreement, US$46.3 million was required to be paid by KCM via installments to ZCCM-IH by August 31, 2013, and a further US$73,420,000 via installments by September 30, 2016.
The settlement agreement is pursuant to outstanding payments owed by KCM to ZCCM-IH which included certain other contingent amounts payable, in each case, under existing price participation agreements which date back to March 2000.
Commenting on the settlement, Kavindele said stability of any investment was best guaranteed if natives in mineral-rich areas felt benefits of the natural resources.
"I would like to commend Mr Willa Mung'omba ZCCM-IH executive chairman and KCM in the mature manner they reached this agreement," Kavindele said.
"But as a person who once represented Chingola Constituency for 18 years and have seen the town collapse from grace, I would urge that ZCCM-IH uses part of this windfall from KCM to help Chingola Municipal Council in their enormous efforts of restoring the town to its former glory days of being the cleanest town in Zambia."
He regretted that robust growth of most mining areas in the country did not move in tandem with improving welfare of mining areas.
"It is also good for our foreign investors if people in the areas they are doing mining are happy about their presence and what they are doing in the areas," he said. "Places like Chingola host the headquarters of one of the biggest mining units in Africa and surely this must reflect in the town's appearance."
And Kavindele said the standoff between KCM and U&M over the operations of Nchanga Open Pit was hurting job creation, one of the cornerstones of the PF regime.
"About 600 people are currently laid off and stand to be retrenched owing to this dispute between KCM and U&M," said Kavindele. "I understand there is arbitration between the two parties in London…but here in Chingola, people have no jobs. This is causing a lot of despondency and resentment among the affected workers and their families."
U&M was contracted by KCM to operate the Nchanga Open Pit mine to prolong its lifespan.
By Chiwoyu Sinyangwe
Wed 24 Apr. 2013, 14:00 CAT [120 Reads, 0 Comment(s)]
Text size
ZCCM-IH should invest part of the US $100 million debt payment from Konkola Copper Mine (KCM) to improve the welfare of areas the company operates, says former vice-president Enoch Kavindele.
And Kavindele has urged the government to intervene in the dispute between KCM and Brazilian company U&M which has put 600 jobs on the line, creating a lot of despondency among residents of Chingola.
ZCCM Investment Holding (ZCCM-IH) and KCM have entered into a settlement agreement for the payment of over US $100 million (KR540 million) debt that the latter owes.
Under the settlement agreement, US$46.3 million was required to be paid by KCM via installments to ZCCM-IH by August 31, 2013, and a further US$73,420,000 via installments by September 30, 2016.
The settlement agreement is pursuant to outstanding payments owed by KCM to ZCCM-IH which included certain other contingent amounts payable, in each case, under existing price participation agreements which date back to March 2000.
Commenting on the settlement, Kavindele said stability of any investment was best guaranteed if natives in mineral-rich areas felt benefits of the natural resources.
"I would like to commend Mr Willa Mung'omba ZCCM-IH executive chairman and KCM in the mature manner they reached this agreement," Kavindele said.
"But as a person who once represented Chingola Constituency for 18 years and have seen the town collapse from grace, I would urge that ZCCM-IH uses part of this windfall from KCM to help Chingola Municipal Council in their enormous efforts of restoring the town to its former glory days of being the cleanest town in Zambia."
He regretted that robust growth of most mining areas in the country did not move in tandem with improving welfare of mining areas.
"It is also good for our foreign investors if people in the areas they are doing mining are happy about their presence and what they are doing in the areas," he said. "Places like Chingola host the headquarters of one of the biggest mining units in Africa and surely this must reflect in the town's appearance."
And Kavindele said the standoff between KCM and U&M over the operations of Nchanga Open Pit was hurting job creation, one of the cornerstones of the PF regime.
"About 600 people are currently laid off and stand to be retrenched owing to this dispute between KCM and U&M," said Kavindele. "I understand there is arbitration between the two parties in London…but here in Chingola, people have no jobs. This is causing a lot of despondency and resentment among the affected workers and their families."
U&M was contracted by KCM to operate the Nchanga Open Pit mine to prolong its lifespan.