Home Zambia News ASKING ZCCM I H TO RUN MOPANI MINES IS A VERY EXPENSIVE...

ASKING ZCCM I H TO RUN MOPANI MINES IS A VERY EXPENSIVE JOKE

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Percy Chanda

PRESS STATEMENT

27 SEPTEMBER 2020

ASKING ZCCM I H TO RUN MOPANI MINES IS A VERY EXPENSIVE JOKE

The PF Regime must inform Zambians who shall be financing the operations of Mopani Copper Mines. It is unnecessary for this identical PF regime who’re suffering to satisfy its debt tasks to start out operating the mines. Clearly PF does no longer perceive the adaptation between operating a mine and a black mountain. ZCCM IH has no capability to run the mines. If ZCCM IH has any capability, why did it fail to run Ndola Lime Company? If ZCCM IH has any capability, why did it ask for overseas partnership to function a far easier gold mine than a copper mine? Why did ZCCM IH fail to extract minerals from the black mountain however as a substitute offered it? This is an overly pricey funny story of the century.

Yes, Zambians aren’t profiting from their mineral assets. The drawback isn’t privatization however how PF has controlled traders. PF has been too brutal with traders, as a substitute of enticing them in significant discussions. We have observed PF lining up cadres difficult the takeover of the mines and manhandling Mopani officers. PF is suggesting amending the Mines and Minerals Development Act of 2015. There is not anything flawed with this Act. What is flawed is your taste of management and implementation of this Act. A nasty wood worker all the time blames his equipment.

As a Nation we don’t know who’s financing the operations at KCM. We don’t know whether or not KCM is operating profitably or no longer. However the key is that the asset e book worth is happening as there’s no corresponding recapitalization. During ZCCM, miners had been getting paid on time, contractors and providers had been paid on time. But the asset e book worth used to be happening because of insufficient recapitalization therefore the mines had been offered for a tune.

For those that are serious about purchasing stocks within the mines, they must know {that a} dividend isn’t paid like a per month wage. A proportion holder can opt for years with out being paid any dividends so long as no benefit is being recorded. The older or the deeper the mine the extra it’s pricey to run it profitably. Mufulira and Nkana mines are very outdated mines and subsequently it’s very pricey to run those mines profitably. Zambians should brace themselves for extra struggling as this PF Government pumps public assets into the bottomless pit.

Percy Chanda

UPND – Chairman for Mines and Freedom Fighter