OSF urges govt. to reverse 79.4 percent KCM shareholding by Vendata

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The Open Society Foundation-OSF has urged government to take a decisive action on Konkola Copper Mine-KCM by reversing the 79.4 percent shareholding Vedanta resources holds at the mine.

OSF-Secretary General, Delgracious Kalumba has stated that government should take the same action it took on Lap-Green of Libya when the 75 percent shareholding was reversed.

Mr. Kalumba added that there is need for a strategic nationalization as opposed to comprehensive or wholesale nationalization of mines.

He has since called on government to ensure that strategic assets be under the stewardship of the state in order to benefit Zambians.

Vedanta Resources Group is the holding company of KCM and its chairman was recently quoted as having said that KCM earns about US$500 million per year after buying the mine for only US$25 million from the Zambian government in 2004.

The reports have sparked sharp reactions from most stakeholders who feel that Mr. Agarwal was mocking Zambians.

 

Radio Mano

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