ZCCM-IH, Karma partnership gets backing

EURONEXT, a minority shareholder in the Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH), had defended the partnership between ZCCH-IH and Karma Investment of Sudan.

Euronext’s Thierry Charles says the serious charges and calls for dismissal of ZCCM-IH chief executive officer Mabvuto Chipata demonstrates a lack of a comprehensive view on progress that has been made.

ZCCM-IH has come under fire over its partnership with the Sudanese company. The

Small-Scale Mining Association of Zambia (FSSMAZ) are now demanding the withdrawal of the contract between them.

FSSMAZ wants President Edgar Lungu to withdraw the contract saying it is concerned with the partnership as it had raised a lot of dust.

But in a statement, Mr. Charles said being shareholders of ZCCM-IH for many years and also investors in other mining companies, the contrast between the company under Mr. Chipata and his predecessors Mr Chanda Kasolo and Mr Willa Mung'omba is striking.

He said for ZCCM-IH's own gold mining and for the development of the country for and by Zambians, it would be more beneficial if the understandable anger and rage were directed solely at those who strangle ZCCM-IH with indifference. Mr. Charles said that for the past year, ZCCM-IH management had refocused investments on its business, mining operations as an operator and was gradually turning the company around despite the challenges.