Government Urged To Prioritize Zambians In The Shareholding Of KCM

By Balewa Zyuulu/Ishmael Mike

Mining expert, Edward Simukonda is urging government to prioritize Zambians in the shareholding of Konkola Copper Mines-KCM- before slotting any shares for foreign investors.

Mr Simukonda tells Phoenix News that if Zambia is to earn profits from the mining firms, government should not allow foreign investors to have the majority shares in the operations of mining firms in the country.

He states that while government is looking for a suitable investor to take over from Vedanta Resources, there is need to focus on identifying capable Zambians that can run the firm.

Mr Simukonda further says for a long time now, foreign investors have undervalued the profits being accrued from mining thereby affecting the socio economic development of the country.

Meanwhile, a former civic leader on the Copperbelt is urging government to remain resolute in the aftermath of the takeover of KCM from Vedanta Mineral Resources considering that the move has attracted negativity from a cross section of society.

Mr. Macdonald Mulongoti, who is the former Chingola Mayor believes that during this transitional period, concerned parties must engage with the ministry of mines to suggest proposals on how best the mine should be managed in order to benefit Zambians.

KCM which was placed under liquidation last month is owned by London-based Vedanta Resources, with the state-owned ZCCM-IH as a minority shareholder and is Zambia’s largest copper producer.

PHOENIX FM NEWS

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