SALE OF MOPANI IS A SCANDAL, SAYS MINING EXPERT

MINING expert Edward Simukonda says the sale of more the 7, 181.63 shares in Mopani Copper Mines (MCP) to Delta Mining Limited shall remain illegal and Zambia’s biggest scandal because the transaction was not subjected to Parliament approval.

Mr Simukonda said the government should have maintained the 51 percent majority shareholding as it would have been beneficial to the country.

In an interview, Mr Simukonda said the country could not continue moving in the same path where all the mines are in foreign hands.

He said giving the mines to foreigners meant that the revenue earned from the export sales would end up in their respective countries.

“If truly the documents a PACRA shows that seven million shares with ZCCM having been left with 6, 900 shares then we are doomed. The government through the ZCCM-IH should have looked at the bigger picture than coming up with such a decision. This is not a right decision, it will just disadvantage the country in many ways,” Mr Simukonda said.

“We appreciate that they have brought an equity partner but offloading such huge shares is a blow to the country. And as for me, I expected that Zambians will run the mine because we have a number of experts with expertise and the mine would have been running smoothly,” he said.

The Patent and Company Registration Agency (PACRA) documents have revealed that Mopani Copper Mines (MCM) is now owned by Delta Mining Limited with more than seven million majority shares while ZCCM-IH has remained with only 6, 900 shares with the Minister of Finance and National Planning having one share.

This is contrary to claims by the government that Mopani has not been sold, while President Hakainde Hichilema is on record having said that the giant copper mine was owned by creditors before it was sold off.

The directors and partners in the Delta Mining Limited include three Indians, five Zambians and the United Arab Emirates.