Headlines

ZCCM-IH HAS THE NEEDED CAPACITY TO OPERATE MOPANI, SAYS IDC

Lusaka ~ Thur, 21 Jan 2021

By Brightwell Chabusha

The Industrial Development Corporation (IDC) has declared that ZCCM-IH has the required capacity to efficiently operate Mopani Copper Mines.

IDC Group chief executive officer Mateyo Kaluba said the mining company’s Board of Directors and Management would be competent enough to professionally run the newly acquired mine.

He reiterated that the acquisition of Mopani Copper Mine by ZCCM-IH was consistent with the direction the mining conglomerate was taking to have more control of mining interests in the country.

Mr Kaluba said the IDC, as ZCCM-IH’s holding company, was involved through an extensive consultation process to give the necessary guidance and approvals.

Regarding the payment of the US$1.5 billion transaction debt by Mopani to Glencore, Kaluba said that the debt was the burden of the mining company itself and not the State.

He added that the mine’s debt as a result of this transaction had no impact on the country’s sovereign debt.

Mr Kaluba explained that the deal was structured in such a way that Glencore would be the off taker of Mopani’s copper and that a 10% portion of the proceeds would go towards debt repayment.

He said the debt would be fully paid over the next 10-17 years depending on the mine’s production capacity and fluctuations of the copper prices.

Mr Kaluba urged Zambians to be more confident in taking up more challenging assignments, as the government had created an enabling environment where companies such as ZCCM-IH and IDC are able to be more assertive in taking control of national assets.

This is contained in a statement issued by IDC Head of Corporate Communications, Namakau Mukelabai.

7 Comments

  1. Fredrick chansa

    Get health information here
    https://JPeeiclinic.blogspot.com

  2. Doba Doba

    For those who are doubting: For how long has the school on mines at UNZA been existing? Where are all those graduates from the Unza School of mines? Where are those brilliant accountants from ZICAS? We have the capaciry ….. what may lack is complaince to governance.

  3. ZODWA

    There is a chap called Mbazima at ANGLO AMERICAN….Is he not a Zambian? We have lot more artisans and mechanics working in Australian Mines. And you think we cannot run our own mines.

  4. kaluba

    For sure, there are lot of Zambians in Botswana, South Africa, DRC and Australia. They are the ones running the mines there.

  5. adviser

    The problem is not the presence or availability of competent Zambians to run the Zambian mines or any other local industry. The problem is the professional competency to put the right people in the right positions. If we are to do an audit today to assess who is running which Zambian parastatal, chances are that we shall find that those jobs were not acquired on merit but because one is related to this influential person, a cadre or some f.ool who likes hanging by the waists of those in the corridors of power. That is the problem.

  6. Dr. Makasa Kasonde (Private Citizen)

    Civil courage was not enough to sustain nationalization attempts. History exposed a gap between good intentions and real performance. Complete nationalization in the mining sector was not sustainable. In the end performance was poor in the mines and elsewhere. Ideology was the basis of ownership and control of commanding heights in the economy. Under mixed economy set up, government could participate in the economy through shareholding. Minority shareholding by government in certain industries is more sustainable than majority shareholding by government in every sector. Dumont (agronomist) was shocked to find hydroelectric power going to waste with low agricultural productivity. Today electric power deficit is remarkable but food security has been achieved. Take time to subsidize agriculture. Take time to subsidize livestock and fisheries. Take time blow trumpets.

  7. Zedpeople

    The kaloba masters at work. It is not possible that this be paid over 10 to 17 years and remains the same amount of $1.5b. Tell the nation what the total loan with interest over this period will the firm pay to the lender.

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