Konkola Copper Mines here to stay

[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_dropcap color=”” boxed=”yes” boxed_radius=”50%” class=”” id=””]C[/fusion_dropcap]hingola, 4th November 2015 – Konkola Copper Mines (KCM)has reaffirmed its commitment towards Zambia’s development agenda despite the current challenges it is facing that have affected its operations.

KCM Chief Executive Officer Steven Din says the company’s investment in the mines amounting to $3 billion dollars over the last eleven (11 years) is a clear demonstration of its commitment to this development agenda.

Mr. Din has said this in a statement in commemoration of the company’s 11th anniversary which falls today.

Mr. Din notes that despite the current challenges KCM is facing such as low copper prices and power deficits, the company’s 50 year vision will ensure that KCM still remains in operation for a long time to come through enhanced sustainable operations of its mines.

He adds that to achieve this agenda KCM is examining local economic development opportunities aimed building up the economic capacity of the communities around KCM’s operations to improve their economic futures and the quality of life for all.

He also highlighted the company’s commitment to its CSR programmes in the areas of rural livelihoods, education, health and sports. KCM has spent more than $160million on its CSR projects since Vedanta acquired its interests in the company.

Hesays the company aspires to use the KCM assets as a catalyst to secure economic activity in the Copperbelt and surrounding areas for the next fifty years and beyond, long after KCM has ceased mining.

KCM is working a 50 year vision but this vision depends on the Copperbelt realizing its potential as an economic hub. Mining alone will not achieve this. Agriculture, tourism, logistics, services and trade will all need to make a contribution,

Mr. Din said.

The CEO is confident that with the right strategy, carefully executed in partnership with government, donors and civil society groups, KCM can add substantially to additional economic activity per year in non-mining sectors and create many jobs.

He further notes that generating employment beyond the life of the mines will be the single greatest economic legacy of KCM in the Copperbelt.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

Copper mining will rebound – ZCCM-IH

[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_dropcap color=”” boxed=”yes” boxed_radius=”50%” class=”” id=””]N[/fusion_dropcap]KOMBO KACHEMBA, Kitwe
THE Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) says the challenges facing the mining sector are temporary and they arise from changes in the supply and demand chain on the international market.

ZCCM-IH chief executive officer Pius Kasolo said the slump in copper prices on the international market is a routine economic trait which is not permanent but comes as a result of changes in the demand and supply chain.

What happens is that if China is not buying our copper, the mines reduce on production. At a certain point, when all the copper on the market is consumed, there will be high demand for the commodity and the prices will definitely go up. So what is happening in the mining sector in Zambia is temporary,

Dr Kasolo said.

He was speaking in an interview in Kitwe on Tuesday during a ZCCM-IH discussion forum dubbed ‘Share sale down promotion’.

ZCCM-IH is selling shares to members of the public at a share price of K38 per capital share.

Dr Kasolo projected that the price of copper on the international market is likely to improve in the next six months and appealed to Zambians to have confidence in the mining sector.

He said the mining sector still remains viable with mining activities still taking place in the North-Western Province.

Dr Kasolo said Zambia has plenty of copper ore deposits which are yet to be explored by investors willing to invest in the mining sector.

The North-Western Province will soon become the Copperbelt of Zambia. There are exploration works that are currently taking place here in Zambia for other minerals as well including gold, so our mines are still viable,

he said.

Dr Kasolo also said ZCCM-IH is capable of managing the mining sector should Government decide to take ownership of the mines.

He, however, said if ZCCM-IH has to take over the operations of the mines, it means the investment holding has to also inherit the huge debts accrued by the mine owners.

If President Lungu today tells me to be in charge of the mines, I can manage to run them, after all these mines are managed by Zambians,

he said.
Dr Kasolo said ZCCM-IH has the skills and expertise required to operate the mines effectively for the Zambian people.

And speaking during the forum, Dr Kasolo appealed to Zambians to buy shares in ZCCM-IH because it is diversifying its activities to include the agriculture and energy sectors.

He also assured Zambians that their investments will be protected should they choose to buy shares in ZCCM-IH.

Dr Kasolo said priority in buying shares has been given to Zambians for ZCCM-IH to be locally owned.
He appealed to Zambians to quickly buy ZCCM-IH shares before the promotion ends on November 30 this year.

And KELVIN CHONGO reports that mining expert Matheus Mphande has urged Government to consider value addition to copper as a way of protecting jobs in the mining sector.

“The only way we can develop the country is to get into processing of copper into copper wires, pipes and manufacturing of motor vehicle parts,” he said.
“With these plans in place even when copper prices fall at the London Metal Exchange, the economy will still remain strong,” he said.

Dr Mphande said many countries have no copper deposits and that Zambia must take advantage by getting into cooperation with countries like China, India or South Africa to set up a copper processing plant.

Dr Mphande said even South Africa, which manufactures cars such as Isuzu and Toyota, has no copper deposits and it would be appropriate for Zambia to enter into an agreement to supply finished copper products specifically for vehicle manufacturing.

Dr Mphande also said mine owners should stop importing lime but buy the locally produced one.

Copper at the London Metal Exchange was trading at US$4,525 per tonne yesterday.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

Zambians urged to buy ZCCM-IH shares

KABANDA CHULU, Lusaka
ZCCM Investments Holdings Plc has engaged the Ministry of Foreign Affairs to ensure that information is circulated to Zambians living in the diaspora participate in the buying of the 28 million government shares being sold on the Lusaka Stock Exchange.

ZCCM-IH chief executive officer Pius Kasolo said President Lungu directed that all Zambians living locally and abroad be engaged to participate in the running of the mining industry through shares, which are being sold at K38 per share.

“We have started working with the Ministry of Foreign Affairs to ensure that information about the sale down is disseminated to Zambians wherever they can be found and use all channels available to reach them.

“Generally, the response was slow at first but there is an improvement, and it is time Zambians get exposed to owning shares. In other countries, people in bars and clubs talk about shares they own and this is the culture which should be embedded in our society,” Dr Kasolo said.

When asked if the response will be good considering the low copper price on the international market, Dr Kasolo said ZCCM-IH is not worried.

“People buy shares when they are down and when things improve, you rise up together”, he said.

Dr Kasolo also urged companies to take advantage of the share offer which ends on November 30.