FINANCE MINISTER’S REVELATION ELATES ZUPED
…..that Mopani Copper Mines will be handed over to the investor by the end of this month
Lusaka… Friday January 2, 2024 (SMART EAGLES)
The Zambians for Unity Peace and Development (ZUPED) says the revelation by the Minister of Finance and National Planning Dr. Situmbeko Musokotwane that Mopani Copper Mines will be handed over to the investor by the end of this month is gratifying.
ZUPED President Ronnie Jere tells Smart Eagles via telephone that the handing over will mean that there will be inflow of foreign currency in the country.
Speaking at a 2023 Budget Review Dr. Musokotwane said Zambia’s foreign exchange performance is poised to improve as the two major mines namely Mopani and Konkola Copper Mines begin production.
“This is the news that we want to hear because like he has mentioned, the handing over will mean that there will be inflow of foreign currency in the country. This will also mean that our kwacha will stabilize. As you maybe aware, our kwacha is running at K27 to a single US dollar and it has been depreciating for quiet some time,” said Mr Jere.
“We are also happy that he (Dr Musokotwane) has mentioned that for the past two weeks Mopani Cooper Mine pumped in over US$80 million to pay the local creditors. We hope that now that they are paying creditors, this will help cushion on the depreciation of the kwacha.”
He was also elated upon hearing that the Minister mentioned another US$50 million that will be pumped in the next weeks to come by Mopani mine.
“This will mean that all altogether it will come to over US$130 million pumped in Zambia. We hope this money will help cushion the depreciation of the kwacha,” he added.
“We are grateful to hear about Konkola Copper Mines also being on the ladder and the Minister is confident that within week’s depending on the creditors and Vedanta agreeing in the courts, Vedanta Resources will also be pumping in over US$220 million. This is great and we will continue to monitor.”
Mr Jere indicated that the Minister of Finance from his mouth has mentioned that February month-end, they should be handing over Mopani to it’s investors.
He emphasized that his organization will monitor this progress.
“Because in the past government would say this and do the opposite. A good example is the issue surrounding KCM. They had said that they will finalize the handing over of KCM to Vedanta within three months and today we are in the firth month without any action. We hope that this is not just a talk show, the economic symposium is a very important platform and people should not politic at that level of fora,” he concluded.
“We hope that the Minister is serious about what he is saying and we will be able to know whether that is true or not by the end of the month.”