‘Broke’ Kagem won’t support CB expo

KAGEM Mining Company (KMC) has reportedly refused to support the coming Copperbelt Investment Expo claiming it had incurred losses in its operations in the country.

KMC Chief Executive Officer Sean Gilbertson in a heated social media conversation with Emeralds and Semi- Precious Mining Association of Zambia (ESPMAZ) president Victor Kalesha, said the company was making huge losses hence it could not support the coming expo.

Mr Gilbertson said the gemstone mining company wanted to focus on profit making than losing money by supporting the expo.

He said the company was losing colossal sums of money through paying tax and needed to focus on generating more revenue, adding that the company would not risk losing more monies.

“We are not making a donation. We must remain focused, Kagem has paid more than USD105 million in tax, mineral royalty and dividends to GRZ, some 20 percent of revenue. That’s more than any company in Zambian emerald mining in history, so we can’t continue losing more money,” he said.

But Mr Kalesha in his response, accused Mr Gilbertson of being greedy who only wanted to generate money and had no heart to help Zambians.

“I think our forefathers who sold that company at a song are the ones that made a mistake.

That company needed to belong to Zambians to earn anything.

You are just denting the reputation of the company because what comes out is that Kagem does not help.

“We are asking of you to support a noble cause and there you are bringing the issue of taxes you have paid. Who doesn’t pay taxes and dividends,” Mr Kalesha said.

Mr Kalesha reminded the Kagem boss that the mining company under Hagura enjoyed a good relationship with Government, stating that it was unfortunate that Mr Gilbertson was only concerned about maximising profit for his benefit and foreign shareholders. But Mr Gilbertson insisted that he would not make any contribution because the mining company made loses last year.

Mr Kalesha however accused the mining company of duping government because it could stay on it was not making profits.