From Post Zambia

Dr. Kalombo Mwansa says there is no mining company which currently can claim to be making losses.

And Dr. Mwansa, a former mines minister, has challenged Konkola Copper Mines to produce evidence to back its claims that the findings in the “Vedanta KCM and the copper loot of Zambia” report were inaccurate.

Meanwhile, shareholders in KCM’s parent company, Vedanta Resources, have arrived in the country to try and resolve issues with the government on KCM.

A UK-based civil society group, Foil Vedanta, recently stated that the Zambian government must not believe the perception created by Vedanta Resources that KCM is a loss-making company that needs to be rescued by the state.

But KCM public relations manager, Joy Sata, said the mining company did not want to discuss any aspect of the report as it was inaccurate and misleading.

In its report titled ‘Copper colonialism – Vedanta KCM and the copper loot of Zambia’, Foil Vedanta, whose representatives visited Chingola recently, stated that Vedanta Resources made approximately K2 billion (US$362 million) or 12.9 per cent of their total group revenue from KCM in 2013.

Commenting on the report, Dr Mwansa, who also served as foreign affairs minister under the MMD government, said KCM was not being truthful about its operations in Zambia.
“…because at this stage, there is no mining company which can claim to be making losses. It is not just true because the prices are good and the labor costs are always low, especially in Zambia. The wages are relatively low compared to other countries, so there is no way any company can claim to be making losses at this stage, it is not true,” he said in an interview.

Written by Gift Chanda/Read more at Post Zambia