ANDD MAINTAINS THAT MOPANI MINE DEAL SHOULD HAVE PASSED THROUGH PARLIAMENT FOR SCRUTINY
…..Article 210 of the Constitution explicitly requires any disposal, sale, or transfer of state assets to pass through Parliament for approval
Lusaka…. November 29, 2024, Lusaka
The Advocates For National Development and Democracy (ANDD) has reiterated its position that the Mopani Copper Mine deal with Delta Company should have been subjected to parliamentary approval to ensure transparency, accountability, and integrity in the transaction process.
Speaking during an interview at Lusaka Radio, ANDD emphasized that Article 210 of the Zambian Republican Constitution explicitly requires any disposal, sale, or transfer of state assets to pass through Parliament for scrutiny and approval.
The organization has urged the Minister of Mines and Minerals Development, Hon. Paul Kabuswe, to avoid arrogance and address the alleged illegality surrounding the Mopani transaction.
ANDD Executive Director Samuel Banda insists that rectifying these concerns is essential for safeguarding public trust and ensuring accountability in the management of state resources.
Banda revealed that his organization is conducting a comprehensive study on the current state of investments in the Copperbelt region.
“The research will particularly assess the progress at Konkola Copper Mines (KCM) since Vedanta Resources officially resumed operations at the mining asset. Key focus areas of the study include recapitalization of the mining asset, job creation and employment opportunities, business opportunities for Zambians and the level of community engagement by Vedanta Resources,” he stated.
Banda stressed that this initiative is not aimed at antagonizing Vedanta but rather at promoting transparency and fostering a mutually beneficial partnership between the investor, the Zambian government, and local communities.
“We firmly believe that holding investors accountable to their commitments builds trust and ensures that the wealth generated from our natural resources translates into improved livelihoods for all Zambians,” he added.
“The findings of the research will be shared with key stakeholders, including government authorities, community leaders, civil society organizations, and the media, to promote informed decision-making and encourage dialogue on improving KCM’s operations. This initiative forms part of ANDD’s broader mission to advocate for inclusive development and responsible investment in Zambia’s mining sector.”
The ANDD Executive Director called on all stakeholders to support this initiative and work collaboratively to transform KCM into a model of sustainable development and accountability.
“By doing so, Zambia can ensure that its mining sector contributes meaningfully to the nation’s long-term prosperity,” he concluded.
Sir you can insist all you want and all that means is that by writing this yoi are simply eliciting support for your perspective. The issue was brought up in parliament. And a statement was given. Where do you want it to go next? As the body that would have sanctiomed the transaction; according to you, is satisfied. Do you have a seat at that table? No. To whose benefit is the noise that you make? The debt was paid. Government and the people of Zambia are free of the Mopani debt that PF wrongly burdened us with. Can we afford to own Mopani? No! So why focus on issues that we can not afford? Even ZNBC is not “wholely” owned by the state. The reports suggest 60% is owned by some Chinese entity. Justify why Zambians should be compelled to pay TV levy for an entity that can only be enjoyed through Multichoice subscription? Next you will expect us to pay for radio service that we can not even catch cause delivery is so poor and we listen to smaller local stations or foreign stations.
Let us focus on what we can control and stop banging our heads on what we cant. We lived beyond our means in the Kaunda era, that is why we ended up selling the mines. The past is the past. Lets focus on the future, what generations ahead can benefit from.
And FYI innovatively, ZNBC can sell its content to stations that air the content on their locally popular stations. We have to think sustainability. How long can one keep carrying “adult” children?
How can a public broadcaster be owned by a foreign government? You hand the protection of your freedom of speech, an important tenet of democracy, to a dictator from abroad?? Does that make sense? Do you understand ideology or you are just interested in the money? Some of the business deals you African politicians are making are so out of greed you are prepared to be foolish. It clearly shows you dont know what you are doing. Ruling is not for you. You need colonisers again. Its acts like this that made Jacob Zuma sell his country to a crooked Indian family.
It’s shame when leaders who are supposed to know better are the ones showing frightening levels of ignorance on important matters. When it comes to such matters, it is better for one to engage corporate lawyers who understand company law better. Now coming to the Mopani issue, as the minister indicated in parliament, there was no sale, disposal or transfer of government assets in the Mopani transaction. For starters, Mopani was not a parastatal before and after the transaction in question, it was a private company owned by ZCCM-IH. Secondly, there was no sale of shares by the ZCCM-IH rather there was a share or equity dilution. In other words, ZCCM-IH still holds the same quantity or number of shares they held in the company before the transaction but only it’s share ration (percentage) is what has changed by the creation new shares which were sold to Delta mining. It means the total number of shares in the company has increased which has diluted the shareholding ratio or percentage held by ZCCM-IH despite still maintaining the same number of shares in the company. In short, for easy understanding for those who may not understand the matter at hand, let’s take for instance one holds 100 shares in company with 200 total shares, it means they hold 50% in that company but more shares are created in that company the total becomes 300 shares total for instance, it means the percentage shareholding is no longer 50% but becomes 33.3% despite the number of shares held remaining the same and that is what happened with the Mopani transaction.
It’s shame when leaders who are supposed to know better are the ones showing frightening levels of ignorance on important matters. When it comes to such matters, it is better for one to engage corporate lawyers who understand company law better. Now coming to the Mopani issue, as the minister indicated in parliament, there was no sale, disposal or transfer of government assets in the Mopani transaction. For starters, Mopani was not a parastatal before and after the transaction in question, it was a private company owned by ZCCM-IH. Secondly, there was no sale of shares by the ZCCM-IH rather there was a share or equity dilution. In other words, ZCCM-IH still holds the same quantity or number of shares they held in the company before the transaction but only it’s share ration (percentage) is what has changed by the creation new shares which were sold to Delta mining. It means the total number of shares in the company has increased which has diluted the shareholding ratio or percentage held by ZCCM-IH despite still maintaining the same number of shares in the company. In short, for easy understanding for those who may not understand the matter at hand, let’s take for instance one holds 100 shares in a company with 200 total shares, it means they hold 50% in that company but if 100 more shares are created in that company the total number of shares becomes 300 meaning the percentage shareholding is no longer 50% but becomes 33.3% despite the number of shares held remaining the same and that is what happened with the Mopani transaction. I hope it is now clear.