WE ARE NOT SERIOUS AS A COUNTRY… giving back KCM to Vedanta, a broke investor is shameful and very disturbing – SILAVWE

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WE ARE NOT SERIOUS AS A COUNTRY – SILAVWE

… giving back KCM to Vedanta, a broke investor is shameful and very disturbing.

Lusaka, Wednesday, September 13,2023 [Smart Eagles]

Golden Party of Zambia GPZ President Jackson Silavwe has expressed disappointment at Government’s decision to hand back Konkola Copper Mines KCM to Vedanta Resources.

In an interview with Smart Eagles, Mr. Silavwe said Vedanta is broke and has no capacity to resuscitate KCM to its glory days.

Mr. Silavwe a former Business Development Manager at GRN based at Konkola Copper Mines headquarters in Chingola, said it is shameful that Zambia continues to entrust mineral resources in the hands of foreigners when it has qualified citizens capable of running the mines.

And Mr. Silavwe said the statement attributed to Mines Minister Paul Kabuswe that KCM will only be able to make profits after four years is a mockery and makes sad reading.

” According to Hon. Kabuswe, 2028 is when KCM will be able to make profits and pay tax to Government. We find this very disturbing. We are lacking common sense as a country, there is no way you can bring back an investor and only for that investor to start paying making profits after four years ,it is a lack of seriousness on our part as a country and UPND is not serious about the economic emancipation of the nation,”Mr. Silavwe said.

” Vedanta initiated a spirited Public Relations campaign and yet when Government announced that they have given them back the mine, they have have gone to Standard Chartered bank to borrow 1.3 billion dollars and they have put our national asset KCM as surety, this is very sad,” he adds.

The GPZ President said KCM if run by Zambians profitably is able to make 1 Billion Dollars per year which is enough to pay for the country’s debt.

” KCM alone in the hands of Government and being run by Zambians profitably can make 1 Billion Dollars per year, it will give us enough money to pay our debt,buy medicines and pay contractors with easy. Vedanta had previously failed to run KCM and there is nothing different they will offer to the mining company because they are broke, ” Mr. Silavwe.

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