Message Dim 18 Mai 2014 09:52

Government urged to reposes KCM

Government urged to reposes KCM
Time Posted: May 17, 2014 2:42 pm

The University of Zambia Political and Administration Studies Association (UNZAPASA) has urged government to reposes Konkola Copper Mines (KCM) and sell it to another responsible investor.

UNZAPASA President, Aaron Chansa, says KCM Chairman, Anil Agarwal, has exhibited an un-ethical behaviour and is mocking the PF government.

Mr Chansa is reminding KCM management that not long ago, the mining giant perpetually threatened to prune its workforce claiming that it was making losses.

Mr Chansa said this in a press statement released to ZANIS in Lusaka yesterday.

“Following this un-ethical behaviour by KCM, we would like to advise the Zambian government to consider repossessing KCM and sell it to another responsible investor,” he said.

He said Zambia needs to maximize the benefits it is endowed with in mineral deposits.

The UNZAPASA President joined other stakeholders in condemning a mocking statement attributed to Mr Agarwal, the KCM majority shareholder.

Mr Agarwal recently boasted in India that his firm was giving his group US$500 million per year after just buying the mine for a give-away price of US$25 million.

KCM PLC, one of Africa’s largest integrated copper producers, is a subsidiary of London-listed diversified resources and mining company, Vedanta Resources Plc.

Labour and Social Security Minister, Fackson Shamenda, recently disclosed that Zambia’s mining industry is projected to earn over US$1.3 billion next year.

Mr Shamenda said the mining industry’s contribution to the Gross Domestic Product is anticipated to grow to US$1.35 billion in 2015 because the mining sector’s contribution to the economy is significant.

The minister said Government is determined to create a conducive environment for mining activities to thrive in the country.

The PF Government soon after assuming power in 2011 repossessed state owned Zambia Telecommunication Company (ZAMTEL) from the Libyan authorities.

President Michael Sata said Government’s decision to reverse the sale of 75 per cent stake of Zamtel to Libya’s LAP Green Networks by the Rupiah Banda-led MMD government was fraudulent.

The Bank of Zambia also reversed the US$5.4 million sale of Finance Bank to South Africa’s First-Rand returning the bank to its previous shareholders.

http://www.lusakatimes.com/2014/05/17/g ... poses-kcm/
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