Tendu entre le nouveau ministre des mines et ZCCM-IH

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mgauthi4

Messages: 3408

Inscription: Dim 6 Sep 2009 20:50

Message Mer 2 Nov 2011 12:31

Zambia unclear over proceeds from sale of 2pct stake

Zambia unclear over proceeds from sale of 2pct stake
Wednesday 02 Nov, 2011Mystery surrounds the whereabouts of the revenue realized from Zambia’s sale of more than 2% equity previously held in Lumwana Mine in Northwestern province mid this year to Australian miner, Barick Gold.

The Greenfield mine, previously owned by Equinox Minerals and recently sold to Canadian miner, Barrick Gold for a value of USD 167.5 million was until mid 2011 2.28% owned by Zambia Consolidated Copper Mines Investment Holdings on behalf of the government.

According to the Zambian government, money realized from the sale of the 2.28% equity valued at USD 167.5 million cannot be traced. The 2.28% shares were held in the company on behalf of the Zambians.

Mr Wilbur Simuusa mines minister of Zambia argues that the Barrick Gold cash out cannot be traced and efforts to get details on the transactions prompting government to wonder what it could have been used for. I can safely say it is missing because constant calls I have made for a report regarding how the money has been used or what is remaining have not been heeded up to now.

Mr Simuusa could not be independently contacted on the matter, though he told is quoted by local media as saying. The government has since given Zambia Consolidate Copper Mines Investment Holdings one week in which to appraise government on the transactions which concluded just under five months ago before the September 20th 2011 elections. This money belongs to Zambians. It ought to be accounted for.

On 1 June this year ZCCM-IH issued a statement in which it stated that after considerations its board had accepted the offer from Barrick Gold to sell its 2.28% stake in LMC to Barrack Gold, the largest gold miner in the world at USD 167.5 million.

The Zambia’s antitrust agency Zambia Consumer Competition Commission had on 27 May approved the sale conditional that it kept all obligations the mines had previously before the sale including all contracts. However if the money was traced it would have been used in among other projects recapitalizing Ndola Lime, Maamba Collieries and Konkola North Copper including the repayment of ZCCM IH loans. The government had also envisioned to use part of the money in exploration of oil and gas and for investing in Greenfields and diversification projects.

Mr Mukela Muyunda CEO of ZCCM IH and while company secretary Mr Chabby Chabala could be reached for a comment immediately. However, sources within ZCCM IH said it would be difficult for anyone at the ZCCM IH subsidiary to categorically say anything because of the market-sensitivity and that shareholders of ZCCM IH needed to be informed first before information could be divulged to the public.

A source close to the company said that ZCCM IH is listed both on the London and Lusaka Stock Exchange and so by listing rules, one can come out and say anything on the transaction. ZCCM IH is quoted on both Lusaka and London Bourses although shares are quoted and not listed.

(Filed by Mr Kapembwa Sinkamba SteelGuru Correspondent Zambia)
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cphil31

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Inscription: Ven 18 Sep 2009 07:43

Message Mer 2 Nov 2011 12:38

Re: Zambia unclear over proceeds from sale of 2pct stake

mgauthi4 a écrit:However, sources within ZCCM IH said it would be difficult for anyone at the ZCCM IH subsidiary to categorically say anything because of the market-sensitivity and that shareholders of ZCCM IH needed to be informed first before information could be divulged to the public.


Parfait, j'attends. Dans la semaine, donc.
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Laf1986

Messages: 3411

Inscription: Jeu 30 Juil 2009 19:54

Message Mer 2 Nov 2011 12:40

Re: Tendu entre le nouveau ministre des mines et ZCCM-IH

Vous avez vu ce post:

Perso, j'hallucine et suis totalement contre que Zccm-IH est le cash déposé au sein du ministère des finances....

FORMER Minister of Mines Maxwell Mwale says his successor, Wylbur Simuusa, should seek guidance from the Ministry of Finance to establish what happened to the US$167.5 million obtained from the sale of 2.28 percent stake in Lumwana Mining Company (LMC) by the Zambia Consolidated Copper Mine-Investment Holdings.
On Monday, Mr Simuusa alleged that US$167.5 million the country received after ZCCM-IH gave up its 2.28 stake in Lumwana Copper Mining following its acquisition by Barrick Gold cannot be traced or was used for something it was not intended.
However, in an interview yesterday, Mr Mwale said the Ministry of Finance is in a better position to explain how the money could have been used because it handles all the country’s financial resources.
Mr Mwale said if Government wants the truth on what happened to the money received from Barrick Gold, the world’s biggest gold digger, the Ministry of Finance is in a better position to state what the money could have been used for.
The former Mines minister said his successor is looking for the money from the wrong organisation as ZCCM-IH is only an investment holding for Government and does not handle any money.
“My successor should know that the ZCCM-IH is just an investment holding for Government and if he wants to know where the money went, then he should ask the Ministry of Finance,” he said.
Mr Mwale said the Ministry of Finance controls expenditure for Government ministries and institutions but he could, however, not state whether the money was used or not.
Mr Simuusa said calls for a report from the ZCCM-IH to be availed to him on how the funds were used have proved futile and he has since given it a one-week ultimatum to do so.
On June 1, the ZCCM-IH issued a statement in local media announcing that its board accepted an offer to sell its 2.28 percent stake in LMC to Barrick Gold.
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mgauthi4

Messages: 3408

Inscription: Dim 6 Sep 2009 20:50

Message Mer 2 Nov 2011 12:43

Re: Tendu entre le nouveau ministre des mines et ZCCM-IH

ca discute ferme sur les forums en zambie ....


http://www.lusakatimes.com/2011/11/01/z ... a-missing/
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cphil31

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Inscription: Ven 18 Sep 2009 07:43

Message Mer 2 Nov 2011 12:44

Re: Tendu entre le nouveau ministre des mines et ZCCM-IH

C'est un gros n'importe quoi. Les Crozes !!!!!!
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cphil31

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Message Mer 2 Nov 2011 12:54

Re: Tendu entre le nouveau ministre des mines et ZCCM-IH

"The former Mines minister said his successor is looking for the money from the wrong organisation as ZCCM-IH is only an investment holding for Government and does not handle any money.
“My successor should know that the ZCCM-IH is just an investment holding for Government and if he wants to know where the money went, then he should ask the Ministry of Finance,” he said."

Cette simple affirmation peut, je pense, donner l'objet à une plainte formelle.
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Laf1986

Messages: 3411

Inscription: Jeu 30 Juil 2009 19:54

Message Mer 2 Nov 2011 12:55

Re: Tendu entre le nouveau ministre des mines et ZCCM-IH

Pour faire simple

Ca serait en France, EDF qui a tout son argent au niveau des comptes de l'état français....

Mwale était mauvais mais je ne pensais pas à ce point
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mgauthi4

Messages: 3408

Inscription: Dim 6 Sep 2009 20:50

Message Mer 2 Nov 2011 13:00

Re: Tendu entre le nouveau ministre des mines et ZCCM-IH

ou on comprend mieux pourquoi les comptes n'arrivent pas ...!!!!

des lignes comptabilisées mais de $ en caisse ou une ligne investe en face ...

pt1 y a du boulot ....

vite
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