SAVE KCM FROM DETERIORATION
…..as ANDD urges HH to ensure that govt injects US$24 million forteited from former KCM provisional liquidator into KCM
Lusaka… Monday April 22, 2024 (SMART EAGLES)
The Advocates For National Development and Democracy (ANDD) has called on government to save Konkola Copper Mines Plc from further deterioration saying this is a national strategic asset.
ANDD Executive Director Samuel Banda says it is important that the government concludes the transition process with Vedanta-Konkola Copper Mines. so that the investor begins to implement its investment commitments such as the injection of over US$1.5 billion in mine capitalization, increase of salaries for workers, settlement of arrears owed to contractors and suppliers among other commitments.
Mr Banda said the people are tired of waiting for the revamping of KCM which he believed will help in creating jobs and business opportunities as well as help addressing the economics shocks.
He has also maintained that the US$24 million forfeited by former KCM Provisional Liquidator Milingo Lungu is injected into the mine.
“Once again we wish to call upon the government to demonstrate commitment and integrity to resuscitate Konkola Copper Mines. The government should inject the US$24 million which was forfeited by former Konkola Copper Mines Provisional Liquidator Milingo Lungu. It is well known fact that KCM is on its knees due to the huge financial constraints that it has been going through,” he said.
“It is the responsibility of government and Zambians to protect and save KCM from further deterioration and avoid loosing the integrity of its operations. Therefore, the recovery of US$24 is an opportunity for government to save the asset from further damage. To help addressing financial constraints, critical mining operational means, paying of salaries and maintain the essential operational costs of the mine firm, it is our strong position to see KCM back to full capacity so that it can start restoring social economic developments on the country.”
He said Zambia is a mine dependent country, and the government should not allow KCM to die just like that.
“Let’s not allow KCM to die because it is our strategic asset that can benefit Zambians. Considering the huge global demand for Copper, we must ensure that we make KCM viable so that Zambians benefit in terms of jobs and business opportunities as it will help stabilize our kwacha,” he added.
“We plead with President Hakainde Hichilema to take profound interest in the US$24 recovered from Milingo Lungu to inject it in KCM. We also call on government to expedite transition process with Vedanta for it to fulfill its comments. We expect that these negotiations will be concluded within the second quarter of 2024.”
Sit down man do not tell the government what to do with that money. They know best where it is urgently needed .
These tuma small politicians think that they can tell Government how to spend money?!! It a shame!
Banda where do you get the authority to tell government what to do. You are an elected individual.