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Mining

LAFARGE Zambia Plc has changed its name and reverted back to ‘Chilanga Cement Plc’ following a Share Sale and Purchase Agreement signed and executed with Huaxin (Hainan) Investment Limited, the Chinese cement manufacturer, who now hold a controlling majority stake.

Lafarge had been heavily fined by the Zambian anti-trust watchdog – CCPC and had appealed the decision. CCPC is yet to confirm if the company that takes over will also inherit the fines or if Lafarge has indeed entered into any settlement agreement.

On June 11, 2021, Lafarge Zambia Plc announced that Huaxin (Hainan) Investment Co., Limited, had entered into a Share Sale and Purchase Agreement with Pan African Cement Limited and Financier Lafarge SAS, in respect of the sale and purchase of their 50.1 per cent and 24.9 per cent, respectively, of the issued share capital of Lafarge Zambia Plc.

And in a further cautionary announcement on November 10, 2021, shareholders were advised that all the relevant approvals had been obtained and the conclusion of the transaction was now underway in line with regulatory requirements.

According to an updated circular seen by the Zambian Business Times– ZBT, the share sale from Lafarge to Huaxin (Hainan) Investment Co., Limited is now completed, and that name change back to Chilanga Cement Plc confirmed.

“Following approval of the Sale by the regulatory authorities and satisfaction of all conditions precedent, shareholders were advised via an announcement on November 10, 2021, that the conclusion of the transaction is now underway in line with regulatory requirements. Following the completion of the signing of the sale and purchase agreement and obtaining all relevant approvals, Lafarge Zambia Plc now proposes to change the name of the company from Lafarge Zambia Plc to Chilanga Cement Plc, in line with impending majority control in the company and consistent with the complete exit of Financière Lafarge SAS and Pan African Cement Limited representing the Lafarge Holcim Group, the majority shareholders in the company,” read the circular.

Huaxin is a wholly-owned subsidiary of Huaxin Cement Co. Limited, an entity listed on the Shanghai Stock Exchange in China. As of December 31, 2020, Huaxin Cement is present in 13 provinces of China and six countries abroad with almost 250 subsidiaries and branches.

The total asset value of Huaxin Cement amounts to approximately US $6.6 billion, with sales of approximately US $4.4 billion and around 16,860 employees globally. The Cement company is a leading player in the manufacturing and marketing of cement products in China.

Founded in 1907, Huaxin Cement today has a cement production capacity of 115 million tonnes per year, aggregate production capacity of 55 million tonnes per year and a ready-mix concrete capacity of up to 27 million cubic meters/year.

Huaxin Cement is ranked in China’s top 500 manufacturing companies and is also listed as a Fortune China 500 company. 

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LAFARGE Zambia Plc has changed its name

Agribusiness

Caritas Czech Republic and Big Terra have introduced a new and simple mobile app to help Zambian farmers better resist climate change through the timely provision of data concerning the weather and their crops.

Introduced at an online workshop attended by farmers and representatives of municipalities and ministries from both Zambia and the Czech Republic, the Terra Crop Zambia app  provides weather information and other data valuable to both small scale farmers and larger local agricultural cooperatives.

The app was created in cooperation with the Czech European Space Agency incubated start-up Big Terra within the AgriBusiness for LIFE (Livelihoods, Innovation,Food and Empowerment) project funded by the Czech Development Agency.

Project Coordinator Mutinta Shandele said the project which was funded by the Czech Development Agency was implemented between July 2018 and was scheduled to end in July 2021 but came to an end in August 2021. She said Caritas Czech Republic in partnership with Lima Links, Czech University of Life Sciences in Prague, Big Terra and government line ministries implemented the project.

Speaking during a Climate Data Workshop, Shandele said the overall objective of the project was to increase agricultural productivity and incomes of small & medium scale farmers and cooperatives, and the project was operating in Mongu, Limulunga, Kaoma, Nkeyema and Mumbwa districts with a target of 22 cooperatives (more than 400 members) and 125 small to medium scale farmers in the 5 pilot districts.

“Local farmers are interested in understanding the weather conditions so that they know what crops to grow and when. So far, 20 farmers have tried the application during the pilot phase, and according to them, the application is user-friendly and they are very satisfied with it,” stated Shandele.

And Big Terra Founder Pavel Jurus said better future planning of farmer resilience to the impacts of climate change can improve lives. “We want to support sustainable farming around the world by providing customized information to farmers in various locations,” stated Jurus about the motivation to develop an application for Zambian farmers. “The information is based on satellite data, weather and climate models, crop modelling and local data. The result is a service tailored to local needs, contributing to the resilience of local farmers to climate change.”

In Zambia, agriculture plays an important role and the livelihood of a large part of the population depends on it. However, climate change is bringing even more uncertainty to this already unpredictable sector. This Terra Crop Zambia app aims to contribute to more efficient agriculture and better resilience of Zambian farmers to the effects of climate change.

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Caritas Czech Republic and Big Terra have

Mining

The Association of Mine Suppliers and Contractors has appealed to government to renegotiate the US$1.5 billion debt that Mopani Copper Mines Plc owes Glencore stating that the amount is questionable as there is not much to show for that investment.

Immediate former Association President Augustine Mubanga said the association anticipates that the value of the debt should not be more than US$700 million according to what can be seen from the current state of the mine.

Mubanga questioned what the US$1.5 billion investment into Mopani has done for the mine asking whether it has increased production or profitability noting that if none of those things have been done then the debt is questionable therefore the need to rearrange it.

Speaking in an interview with the Zambian Business Times-ZBT, Mubanga said some investment has taken place at Mopani mine but it cannot equate to US$1.5 billion because if such an investment was made, the face of Mopani would have changed drastically and production could have gone up.

He added that the profitably of the company would have changed if such an amount of money was invested in the mine and there would have no longer been a negative balance sheet but a positive one which would have been giving revenue to government.

He emphasized that the association believes that the value of the debt should not be more than US$700 million, which Mopani mine will have the ability to pay back within their own investment.

He noted that Mopani mine is overburdened by the US$1.5 billion debt that Glencore left, as it is too much for Mopani to settle or liquidate therefore government should bring Glencore back to the table and rearrange the debt.

“The issue of sales, where Glencore has taken over 80% of what Mopani produces also puts Mopani at a very blink standpoint. What we expected was that once there is this realignment in terms of the debt portfolio then Glencore could have probably 40% of production so that Mopani remains with 60% which will give itself leverage for recaptalisation and pay off the debt”, he said.

Mubanga said if the issues surrounding Mopani are not resolved, the company will still be overburdened and it cannot expand or contribute to the economic transformation of the country as expected.

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The Association of Mine Suppliers and Contractors

Agribusiness

Hybrid Poultry Farm says the company is proud that it has been around for 60 years and has expanded their business and product lines during these years noting that the company supplies broiler day old chicks, hybrid pullets which are the layer chicks and village chicks.

Business Development Manager Philip Maina said the company is the largest player in the day old chick market, provides day old chicks to farmers and enables them to make a livelihood out of it and provides technical support to farmers on the Copperbelt and Lusaka as well as the rest of the country.

Maina said the company supports small-scale farmers by providing technical support and laboratory services and is proud that farmers have stood with the company for the many years it has been in existence adding that the company is happy that it is able to contribute towards feeding the nation.

He stated that Hybrid also collaborates with the community in various ways and is a responsible business as it looks at how it handles company waste management, the environment, has a recycling scheme for its waste and is part of the one million tree-planting project.

Speaking during the company’s 60th birthday celebration, Maina added that the plan is to continue expanding and growing, create more employment opportunities and continue feeding the nation in the years to come.

He noted that as the company hits 60 years, it is part of the bigger family of the poultry sector in the country and wants to give back to the community as a way of saying thank you for the support the community has given the company over the years.

 

 

 

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Hybrid Poultry Farm says the company is

Lifestyle

By Staff reporter

An exclusive inquiry by the Zambian Business Times – ZBT has revealed that most Members of Parliament are relatively among the most economically accomplished and economically powerful individuals. Others say there is a fine line between business and politics.

When people decide to hold public office, they automatically decide to put themselves in positions that are subject to public scrutiny and in some way, the line between their private and public lives become blurred. They render their affairs, that is from their asset and liabilities position be a subject of public discourse. This is why they are legally required to declare their financial positions publicly.

According to an inspection of the register by ZBT of the initial list of 57 out of a maximum number of 158 members of members of parliament that have so far declared their assets and liabilities in line with the Zambian Constitution, below are the most notable top 10 picks:

  1. Speaker Nelly Mutti – The Speaker of the National Assembly, Nelly Mutti has led the way and declared her  assets and liabilities, she has the highest asset net worth of a staggering K380 million (about US$22million). On her asset inventory, Parliament’s first-ever female Speaker has various fixed assets around the country, including traditional land in Central Province worth K200,000, among several others; ownership of Nalumba Lodges, Ikithe Resort worth K100 million; 250 heads of cattle, 300 goats and 250 sheep worth K250,000. Other assets on her impressive inventory include a 50 per cent interest in Lukona Chambers, the Lusaka-based law firm in Rhodes Park; a 25 per cent shareholding in Nalumba Investments Limited and various real estate properties such as Le Elementos Hotel, a fleet of luxurious vehicles worth K770,000 and a Land Rover Discovery worth about K500,000. Speaker Mutti did not declare any liabilities.
  2. Health Minister Sylvia Masebo – the ruling Chongwe UPND member of Parliament has a total net worth of a staggering K51 million (about US$3 million) which comprises of a posh mansion at Ibex Hill, Lusaka, worth K20 million; a shopping complex in Avodale worth K4 million and an inheritance of K1.7 million, among other assets. Masebo, who has served in four successive governments since president Levy Mwanawasa’s administration over the last two decades, declared total liabilities amounting to only K120,000 – officially listed as “loans and interest.”
  3. Mwandi MP Sibeso Sefulo – the Mwandi UPND member of parliament has declared her assets standing at K20 million (about US$1.2 million), Sefulo’s asset portfolio revealed that she owns a block of flats in Lusaka’s Chalala area worth K4 million; a fixed deposit of K1.2 million; an animal inventory worth a whopping K10.5 million; a farm in Mwembeshi valued at K1 million and a fleet of vehicles amounting to K1.2 million. According to the National Assembly website, Sefulo only holds a Grade 12 Certificate and an Accounting Technician Certificate.
  4. Veep W K Mutale Nalumango Vice-President, Mutale Nalumango who is also the leader of government business has declared an impressive K18.2 million (about US$1.1million) in total assets. Vice-President Nalumango declaration also had no liabilities. Her asset portfolio boasts agriculture property of over K5 million and another worth K6.8 million, together with a four-bedroomed house valued at K1,420,000 and another three-bedroomed house valued at K962,000, among others. The Vice-President’s Vehicles valuation were estimated at a combined K670,000.
  5. Justice Minister – Mulambo Haimbe – The Lusaka Central ruling UPND member of parliament and a lawyer by profession has a total net worth of K14.8 million (about US$870,000) , which comprises of various luxurious properties in Lusaka, including a block of flats address; a Dwelling House at Chilanga and another Dwelling House at Ibex Hill, all worth a cumulative amount of K6.6 million. Haimbe’s declared liabilities are a total of about K1 million , which includes an outstanding mortgage owed to FNB Zambia relating to the house in Chilanga, worth K180,000.
  6. Defense Minister Ambrose Lufuma – The North Western Province parliamentarian has listed his total net worth as K12 million (about US$706,000) with a vast real estate portfolio amounting to over K8.8 million. Lufuma now occupies what is generally considered as the third most powerful position or third highest rank in cabinet.
  7. Chawama PF MP Tasila Lungu – Tasila Lungu who is daughter to immediate former head of state President Edgar Lungu is among the few MPs from the ruling party who swiftly declared her assets and liabilities, with a total asset value of K6.16 million (about US$362,000), which includes ownership of 7,250 ordinary shares in Kariba Crocodile & Fish Limited among other assets. She owns a residential plot valued at K600,000; a farm at K4 million, vast fleet of luxury vehicles amounting to K750,000 and cash in the bank of K52,781.07 as at August 31, 2021. Tasila, who used to be a councillor in Chawama constituency during her father’s presidency, had council allowances amounting to K36,000 and “family support” quoted as K564,000, giving her total earnings of K600,000. In terms of liabilities, Tasila has a bank loan with Atlas Mara of K5 million.
  8. Chifubu MP Lloyd Lubozha – the member of parliament from the Copperbelt has declared his total assets as K5.4 million (about US$318,000) against no liabilities. Lubozha, who equally holds a Grade 12 Certificate and a Certificate in Accounts and Business Studies, has listed houses worth K1.5 million; a lodge valued at K2.5 million; a farm worth K1 million and a range of vehicles amounting to K400,000.
  9. Chilanga MP – Sipho Hlazo, the UPND member of parliament has declared his assets at a total net worth of K4.8 million ( about US$282,000). This comprises of a farm house in Lusaka West worth K3.8 million; a plot in New Kasama area of Lusaka amounting to K550,000; an array of firearms and cash asset of around K485,000 as at time of declaration. Hlazo whose only educational qualification is listed as “Grade 12 Certificate” on the National Assembly website, has his liabilities as school fees of K60,000 per year; taxes & rates at K45,000 per annum, among others.
  10. Roan MP Joel Chibuye – The member of Parliament who also stood as an Independent at the August 12 polls, has a net worth of K2.7 million (about US$159,000) Chibuye listed his assets as a house in Zaone Avenue, Luanshya, worth K650,000; a commercial plot in Manasansa area of Luanshya District worth K300,000 and total liabilities worth K125,000. His liabilities are broken down as: a bank overdraft facility of K30,000 with FNB Zambia and a K75,000 loan facility contracted from M-Finance.

Article 263 of the Zambian Constitution, Act No. 2 of 2016 requires that all persons holding public office declare their assets and liabilities before assuming or leaving office in the register submitted to the Office of the Chief Justice.

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By Staff reporter An exclusive inquiry by

Lifestyle

Part 1

A shocking number of 101 members of parliament – MPs have failed to declared their assets and liabilities, contrary to the Constitution that requires all public office holders to do the same before assuming or leaving office.

Article 263 of the Zambian Constitution, Act No. 2 of 2016 requires that all persons holding public office declare their assets and liabilities before assuming or leaving office in the register submitted to the Office of the Chief Justice.

 This has come to light following an investigation by the Zambian Business Times – ZBT that has revealed that only 57 out of a maximum number of 158 members of parliament have so far declared their assets and liabilities pursuant of the Zambian Constitution.

The constitutional requirement for public office holders to declare their assets and liabilities is globally considered as best practice as it has a big role to play in the transparent and equitable management of public resources and is key for anti-corruption and anti-money laundering prevention.

Following the August 12 general election, 158 members of parliament were sworn into office in a UPND-led government promising to tackle corruption and abide by the rule of law. This area of public declaration of assets and liabilities is ideally supposed to be treated as key to running a corrupt free government.

But an analysis of the Annual Declaration of Assets, Liabilities and Income by Members of Parliament and Other Officers by ZBT has revealed that only 57 members of parliament out of 158 have so far disclosed their total asset and liabilities, representing a paltry 36 per cent of the total National Assembly members.

The Speaker of the National Assembly, Nelly Mutti and Vice-President, Mutale Nalumango, have led the way and declared their assets and liabilities, with the Speaker declaring the highest asset net worth so far of a staggering K380 million, while the leader of government business and Veep has declared an impressive K18.2 million in total assets.

Meanwhile, Chawama PF member of parliament Tasila Lungu is among the few MPs from the opposition Patriotic Front – PF party who timely declared her assets and liabilities, with a total asset value of K6.16 million, which includes ownership of 7,250 ordinary shares in Kariba Crocodile & Fish Limited among other assets.

Watch out for part 2 on the MPs with the highest net-worth

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Part 1 A shocking number of 101 members

Mining

The continued suspension of the Kasenseli gold mine operating licence and therefore mining activities by the new Mines Minister Paul Kabuswe from late October 2021 is putting the central bank’s gold reserve build up target for 2021 in jeopardy.

Bank of Zambia (BoZ) has disclosed to the Zambian Business Times – ZBT that’s the Central bank has so far spent about US$37 million on buying up refined gold from First Quantum’s Kansanshi mine since the gold-buying programme commenced in January, this year.

Kasenseli Gold Mine’s operations in Mwinilunga, North-Western Province was suspended following a Ministerial directive from the Minister of Mines and Minerals Development to suspend operations and address concerns relating to Kasenseli Mine’s license conditions and safety regulations.

The ministry of mines did not give timelines for sorting out what was referred to as “concerns relating to Kasenseli Mine’s license conditions and safety regulations”. This continued suspension without timelines for re-opening will drag down the gold annual production for the country.

 And the central bank – BoZ has confirmed that they will resume gold purchases from Kasenseli Gold Mine once its suspension is lifted. BoZ had purchased 283 kilograms of gold at a total cost of over K345 million from Kansanshi Mine and the Zambia Gold Company by the end of the first quarter of this year.

BoZ plans to purchase around 25,200 ounces of London Good Delivery gold from Kansanshi and 21,000 ounces of dore gold with a minimum of 88 per cent purity from Zambia Gold Company in 2021.

Responding to a ZBT inquiry, BoZ Assistant Director, Communications Besnat Mwanza conformed that the central bank’s refined gold purchases from Kansanshi, an FQM subsidiary, had so far climbed to about US$37 million or K646 million compared to K345 million by the end of the first quarter.

“The Bank of Zambia has been purchasing dore gold from Kasenseli Mine since December, 2020, through the Zambia Gold Company and refined gold from Kansanshi Mine from January, 2021. The Bank has so far purchased 20,600 ounces of refined gold valued at US $37 million,” Mwanza said.

And she revealed that the central bank would continue to augment its reserves through gold purchases from Kasenseli Mine once the suspension is lifted. Kasenseli Mine is operated by Zambia Gold Company Ltd, a subsidiary of ZCCM-IH, a state owned entity.

The concerns raised by the Ministry of Mines when suspending operations chiefly related to safety and security concerns, among others, was effective October 22, 2021, and has remain in force. No timelines have been given as to the issues should be resolved as the minister of mines only indicated that until all issues highlighted in the Ministerial directive are closed out.

BOZ told ZBT that “In April, 2021, the projection was to accumulate 21,000 ounces for 2021, but forecasts are dependent on levels of production. In view of this, this projection was later revised downwards as production levels declined later in the year. Targets are, therefore, based on the gold mined and if this declines or stops, gold purchases are obviously impacted directly,” explained Mwanza.

When asked when BOZ would start buying from Zambia Gold Company, the Central bank stated that “Kasenseli Mine is under the regulatory supervision of the Ministry of Mines and details of its resumption would be best provided by the Ministry and ZCCM-IH. The Bank [BoZ] will continue to augment its reserves through gold purchases from Kasenseli Mine once the suspension is lifted. The Bank continues to buy gold from Kansanshi Mine and a total of 25,200 ounces is projected to be bought in 2021.”

BoZ added the build up of gold reserves to shore up the country’s ability to safeguard its currency the Kwacha. Apart from holding US dollar reserves that can be drawn upon to fund emergency imports as well as support the local currency – gold reserves can also provide an alternative reserve buffer.

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The continued suspension of the Kasenseli gold

Lifestyle

African Parks has disclosed that it has invested about US$ 2.8 million in the Kafue National Park in order to make it more attractive so it can draw in more investors and visitors.

African Parks Country Director James Milanzi said the organisation has built about 450km of roads, bought five vehicles, a six-wing plane being used for surveillance, a helicopter being used for re-deployment and law enforcement uniforms for all the people working in the park.

Milanzi noted that African Parks has established themselves on the ground since the signing of a one year Memorandum of Understanding (MOU) with government worth about US$3.7million noting that it has also put up signposts in Lusaka in order to provide a visual impression of what African Parks is doing to support tourism in Kafue.

Speaking in an interview with the Zambian Business Times-ZBT, Milanzi said the roads would help increase tourism operations because currently there is no connectivity adding that the role of African Parks is to demonstrate what the organisation will be doing once government signs a long-term agreement with them.

He mentioned that the organisation has collared about 15 elephants, which means that it should be able to track where those animals will be going noting that the collars are in real time so their whereabouts will be known at all times adding that people can be warned if the animals are heading towards villages and necessary mitigations can be put in place.

“For a long time nobody knows the movements of elephants, whether they are just confined to Kafue National Park or these elephants do move outside the country”, he said.

He noted that past reports indicated that some elephants from Kafue National Park had left the park and were in Solwezi therefore, there is need to collar such elephants in order to understand where they are going.

He added that collaring the animals would also assist in understanding the human wild life conflict because when some elephants are close to villages, they can destroy properties.

Milanzi said what the organisation has done is a demonstration of what it is capable of doing if it signed a long-term agreement with government adding that it has a business plan for the next five years and if the agreement is signed, African Parks will starting next year invest not less than US$ 7 million per year in Kafue National Park.

He said negotiations are still ongoing and the organisation is in the process of sending in government evaluators to review the works noting that African Parks is comfortable that it has made the preliminary requisites that government has set.

He noted that the organisation was confident that government will sign the long-term agreement and African Parks is happy with what it has done in one year and what it has demonstrated it is able to replicate.

 

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African Parks has disclosed that it has

Companies, Markets

Bank of Zambia Governor Dr. Denny Kalyalya has revealed that the third quarter (July to September 2021) average inflation went up by 0.2% to an average of 23.7% mainly due to food inflation which went up to 30.8% from 29% in the previous quarter .

Dr. Kalyalya stated in his Monetary policy committee statement availed to the Zambian Business Times – ZBT that Supply constraints led to notable increase in prices for meat and poultry products. He however stated that non-food inflation declined in the third quarter.

A review by ZBT of the meat products market reveals that major meat retailers such as Zambeef, Real meat and other retailers had indeed increased meat prices. The price increases had at the time been attributed to increase in stock feed prices, which were passed on to final consumers.

For the poultry products market, a ZBT review further shows that there was an escalation of prices for day old to an extent of creating national shortages. Most poultry farmers reported of their orders not being met as day old chicks suppliers opted to export for better prices and returns.

The poultry retail price hikes were also linked to stockfeed price escalation. The poultry prices were hit by a twin cost escalation of day old chicks and stockfeed whose additives and supplements were reported to have experienced price increases on the  back of the depreciation of the Kwacha.

A deeper analysis of this two industries will lead you back to the depreciation of the Kwacha as major industry players told ZBT that it was the imported contents of stockfeed as well as parent chickens stock for poultry which were sighted as the causers of the price increases.

The Zambian Business Times – ZBT has been on record challenging the ministry of finance and its related institution, the Bank of Zambia to come up with a more practical way to manage the Kwacha and save the Zambian economy and the majority of its humble citizens from having their incomes and assets from perpetually losing value from a depreciating currency.

The perpetual depreciation of the Kwacha is perhaps the single biggest monetary policy failure that continues to drag down the country. The Kwacha depreciation eats away spending power and value of incomes. For those that own houses and other assets that are denominated in Kwacha, their international value of their assets are devalued overnight and everyday as the Kwacha depreciates.

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Bank of Zambia Governor Dr. Denny Kalyalya

Mining

The Association of Mine Suppliers and Contractors says there is need for government to negotiate and withdraw the case involving Konkola Copper Mines (KCM) and Vedanta Resources from the courts of law so that government can timely re-arrange the operation of the mine.

Outgoing Association of Mine Suppliers President Augustine Mubanga said government needs to sit down with Vedanta Resources and find an amicable solution so that it can look for an equity partner or an investor who can take up the investment portfolio that Vedanta will leave adding that that will require capital injection in order to transform the way KCM is operating.

Mubanga said Vedanta has lost its social license meaning it is not welcome, noting that even if it was given back the mine, it would be a waste because workers are dissatisfied with how it operated the mine.

He further said the community does not want to see Vedanta back adding that the business community who were left in huge debt and have not been paid until now are still grappling in debt, some have lost property and assets, and that is due to how Vedanta operated the mine.

He said Vedanta needs to renegotiate their way out quickly and let a fresh investor come and begin to invest in the mine in order to increase production because even if they came back, they would be operating in a hostile environment such that they cannot recoup their investment.

“We need to engage Vedanta, we need to bring them to the table, we are not saying we are handing the mine back to them, remember that Vedanta has lost its social license with the people of Zambia. What we want is them to come, we agree to disagree for them to exit the operations in a more amicable way”, he said.

Speaking in an interview with the Zambian Business Times – ZBT, Mubanga emphasized the need to resolve the issues surrounding Konkola Copper Mines Plc (KCM) in order to realise the projected increase in production and get Chingola and Chililabombwe towns economies back on track.

He said KCM is currently operating at 20% of its capacity therefore the need to invest more in the mine in order to open up development so that production is increased and all the other benefits will begin to accrue adding that increasing production also means revenue in the government coffers will increase.

He noted that  KCM is a mining giant projected to directly employ more than 30, 000 people once recaptalised, therefore resolving the issues surrounding KCM will bring about benefits such as employment and business opportunities that would be created because of the investment injection.

He mentioned that the recaptalisation of KCM will increase production, increase business opportunities and social welfare of communities where KCM is hosted, the Mine towns will begin to improve in terms of corporate social responsibility and the local economy will improve.

Finance Minister Situmbeko Musokotwane has announced that government will make its way forward known in the next one week. But there are fears that the new dawn government may hand back KCM to Vedanta against the wishes of the local business and mining communities.

 

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The Association of Mine Suppliers and Contractors