Zambia’s Economic Think Tank Backs States Stance On Mine Shaft Handovers, Bemoans Conduct Of Vedanta’s Subsidiary
Think tank in Africa’s second largest copper mining hub has backed the states stance on requesting Glencores subsidiary, Mopani Copper Mines (MCM) to hand back the two supposedly uneconomic shafts that it has earmarked for shut down.
According to a press release shared with the BT, Economics Association of Zambia Copperbelt Chapter Head Matthews Muyembe said the Association was happy with the Mines Minister – Honourable Richard Musukwa’ s stance on the hand over the shafts to the state if they have failed to run them.
Muyembe said this move would allow local investors to harvest the mineral remains and in the process create employment for the small scale miners. He further bemoaned the loss of jobs this operational shut down of the two shafts would result in especially that this was coming much earlier than anticipated.
“We would like to express displeasure at Konkola Copper Mines – KCMs conduct in delaying payments to suppliers and salaries to staff, he said. It is saddening that KCM prioritizes paying foreign suppliers at the expense of locals, the think tank Copperbelt Chapter head lamented.
Vedanta’s subsidiary KCM is on record for delaying payments to local suppliers which is making it operationally impossible for downstream businesses to survive tough conditions.
Muyembe said if KCM should feel free to exit Zambia if they have failed to manage their affairs. He echoed frustration by the EAZ board that KCM is always arm twisting the authorities at every opportunity it finds.
Zambia remains a favourable mining destination that most international investors have expressed immense interest, the Chapter head said.
CAPTION: Mr Matthews Muyembe. Picture Courtesy of the EAZ Media Team.