‘MINES PLUNDERING ZAMBIA’
Euronext says mining firms are making huge profits but paying very little to the country
Have we ever seen a leech want to continue sucking at all costs a dead man…? In line with their logic, after such a financial and environmental disaster, they should rather leave Zambia by the back door and by lowering their head,” Mr. Charles stated.
UNSCRUPULOUS mining companies have continued declaring losses but they are not leaving the country because they are making huge profits by undermining the intelligence of Zambians, a French mining company has charged. Euronext, the minority shareholders in the Zambia Consolidated Copper Mines- Investment Holdings (ZCCM-IH) has blasted mines which are making huge profits but paying very little to the country.
Company representative, Thierry Charles, said some mining companies have been taking advantage of the country’s conducive investment environment by cheating. “For many years, we have wanted strong measures to be taken against mining companies that do not play a fair game with the people of Zambia and ZCCM-IH. For too long, these companies have abused the caring of different Zambian governments, anxious not to hurt international investors and to preserve employment in the Copperbelt. “For several days, Vedanta has been trying to justify the inevitable dramatic situation of KCM but insist on keeping and running the mine. Odd situation. Have we ever seen a leech want to continue sucking at all costs a dead man? In line with their logic, after such a financial and environmental disaster, they should rather leave Zambia by the back door and by lowering their head,” Mr. Charles said. He recalled that Vedanta chairman Anil Agarwal told the Jain International Trade Organisation meeting held in Bangalore, India, in 2014, March 22-23, that for nine years that the company was in operation in Zambia, it was making a minimum of US$500 million. “He also explained in detail how he came to buy the largest copper mine in Africa at Konkola, describing how he took a chance by offering US$25 million rather than the US$400 million asking price. “Not only does Vedanta despoil Zambia and pollute the land of surrounding villagers, not only does Anil Agrawal not keep his promises, but he also has the impudence to mock the Zambian people and their leaders! While he is a spoils man, humiliating them in this way is disgusting,” Mr Charles said.
He also took a swipe at First Quantum Minerals (FQM) whom he accused of playing an unfair game. “First Quantum Minerals is another clear case in point. How can we really believe FQM is letting US$3.5 billion sleep in the Kansanshi Mine’s coffers? To keep that huge amount of retained earnings is abnormal. “Would they be distributed, the ZCCM-IH’s share would be as much as 700 million while Zambia is in dire need of money and development. Would the purpose of FQM be to stifle the people of Zambia?” Mr Charles asked.
For too long, these companies have abused the caring of different Zambian governments, anxious not to hurt international investors and to preserve employment in the Copperbelt.