Zambian Govt advised to repossess Konkola Copper Mines (KCM)

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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 behavior 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.

He says UNZAPASA has 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.

QFM

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3 COMMENTS

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  2. so all kcm needed was some good management to boost it’s profits..a foreigner comes in and as usual begins to make huge profits from a company that the gvt failed to run…now because he said some bad remarks against the gvt every1 z pushing 4 the co. to be repossessed so typical of Zambias. dat co. should not hv being sold at that price & gvt needs to put in place & enforce stiff regulations to keep a good eye on foreign investors

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