President Michael Sata says nationalisation is an option if KCM does not change its ways : The mines should be honest. Let me single the mine out…Vedanta and KCM should be honest. The Indians must be honest. The Zambians and miners themselves are saying let us nationalise KCM, but when the situation becomes alarming, the government will consider that. You tell them, Im waiting for a report from the Ministry of Mines and as soon as I have the report, I will table the report in Cabinet....Let the copper which KCM is exporting from Zambia bring dollars back, because KCM is exporting so many things. Why should they export concentrates to go and be processed in South Africa? When there was Anglo American and other companies, the kwacha was very strong. But these Vedanta, who are the owners of KCM, let them be honest. If they are honest to us, the situation is going to be completely different. PRESIDENT MICHAEL SATA (Source : The Post) Mines Yaluma Christopher Yaluma on 20th May said exactly the opposite. He said that GRZ will not nationalize Konkola Copper Mines (KCM) because as at 30th September 2013, KCM’s total liabilities of US$D1.5 billion exceeded the current assets by US $123 million. In short KCM is unable to meet its obligations and neither can GRZ if took over the mine, compensation costs and all the rest. Simply put, the president and his minister are living on on two different planets. Which is not very good because it suggests a degree of chaos at the heart of government.
Posted on: Tue, 03 Jun 2014 14:38:47 +0000
Trending Topics
Recently Viewed Topics
© 2015