Sale of Mopani illegal - Kasonde Mwenda

KASONDE Mwenda has accused the UPND government and President Hakainde Hichilema of having allegedly embarked on an illegal privatization of the mining sector without seeking the approval of the National Assembly.

Mr Mwenda, the Economic Freedom Fighter (EFF) president is claiming that Hichilema has breached the constitution by selling 51 percent shares of ZCCM-IH in Mopani Copper Mine to Delta Mining of DUBAI without the required approval from Parliament.

He said the transaction was impeachable against President Hichilema and that it was just a matter of time before the head of State would face the ramifications of his action and the illegalities he was committing with impunity.

Mr Mwenda said his party was of the firm believes that Zambians should own and operate the mines, and the export of ore should be banned to encourage processing in Zambia and producing finished products for export.

He explained that this policy would result in increased revenues from the private sector, the creation of jobs, and ultimately sustainable economic development leading to the economic emancipation of all citizens.

Meanwhile economic analyst Patrick Mwape has projected an appreciation of the Zambian kwacha against the Dollar by June this year following the completion of the Mopani Copper Mines transaction.

International Resources Holding, operating through its subsidiary Delta Mining, last week injected $130 million into Mopani Copper Mines, signaling a robust commitment to the mine’s expansion and growth.

But Mr Mwape says will have a positive impact on Zambia’s exchange rate which has over the last few Months seen a drastic depreciation. Mr Mwape says Zambia’s economic fundamentals are hugely dependent on the Mining sector and that with one of the largest Mines now on its feet, the Kwacha is expected to stabilize.