RE-CAPITALIZATION OF MOPANI COPPER MINES
by Eng. Christopher Kang’ombe
According to the Mopani Copper Mines ( MCM) website, the company employs 15,500 workers.
In 2021, a decision was taken by government through ZCCM- IH to acquire the majority shares in MCM at an estimated cost of $1.5 billion.
Previously, Glencore the private majority shareholders would always blackmail government by threatening Zambians with job losses around election time in the name of care and maintainance, while placing other demands on the table.
The claim was that no profit was ever made from 2000 when they took over Nkana and Mufulira divisions of ZCCM.
Consequently, no dividend was ever declared to the respective shareholders.
For over two years now, MCM has been well run by Zambian engineers.
But as we all know, mining is very expensive business.
Constant re- investment is needed in order for the Engineers to keep operations running at a profit.
MCM is highly mechanised and therefore needs urgent recapitalization to ensure Suppliers and Contractors are always paid on time to keep production up.
Note:
The Author is a Member of Parliament for Kamfinsa Constituency in Kitwe and PF National Youth Chairman.
He was also privileged to have worked for MCM as a trainee Engineer(on attachment) and later employed at the mining firm in 2009.