Out of Profits of $4.7billion in 3 years, FQM Pays ZCCM-IH $110million
●In 2022, President Hakainde Hichilema directed that ZCCM-IH convert its 20% dividend rights in Kansanshi Mining PLC to a 3.1% gross revenue royalty, effective 2021/2022.
●The DPP was directed to drop criminal cases against the FQM directors who were facing serious charges of the theft of $2.5billion were dropped and no pathway was provided for its recovery.
●The civil process in the London High Court arbitration to recover the $2.5billion were also dropped.
“Below are the results of “We shall not mine in Court”.
Joseph Kalimbwe Wrote;
Zambians let me break this down for you so you understand. The $110 million in royalties is for a 3 year period from 2022 – 2024. The information & breakdown i share below is not in the article by Mwebantu. I have used available production statistics to give a layman’s explaination for you to understand . Here goes;
a) In 2022, Kanshashi mine produced about 146 000 tonnes of Copper
b) In 2023, Kanshashi mine produced about 135 000 tonnes of Copper
c) In 2024, Kanshashi mine produced about 171 000 tonnes of Copper
In between those 3 years, about $4.7 Billion was made from Copper by Kanshashi. Then in those 3 years, the Canadian owners of the mine paid about 2.4% in royalties to the Zambian Treasury from Copper mined in Zambia at Kanshashi Mine.
NOTE;
Copper is currently selling at about $13 000 per tonne at the London Stock Exchange. In 2022, Copper sold for about $8000 – 9000 per tonne. Total yearly tonnage produced is multiplied by the price of copper at previous and today’s rate !!