. Mwamba
By SYLVIA MWEETWA –
OPPOSTION United Party for National Development (UPND)vice president for Administration Geoffrey Bwalya Mwamba (GBM) has promised the people on the Copperbelt that his party will bring back Anglo -American P.L.C to run the mines once voted into power during this year’s elections.
However, the same Anglo American P.L.C. abandoned the people of the Copperbelt Province when it pulled out of the Zambian market in 2002, in a move which left the Zambian Government with a staggering blow as thousands of workers at Konkola Copper Mines (KCM) lost jobs and the province was turned into a ghost province.
Worse still, the once African mining giant now faces “existential” threat, even after cutting 85,000 jobs and closing many copper and coal mining activities across the continent.
Anglo American plc market value stands at half the debt burden, with market analysts Clara Denina stating in February 2016 that “Anglo American’s shrinking market value could eject the global miner from London’s blue-chip equity index at the next reshuffle in March, potentially triggering a broader sell-off.”
Plunging commodity prices last year shrunk Anglo’s market capitalisation to $5.6 billion (3.9 billion pounds) as its shares fell 76 percent to record lows in 2015, making it the worst performer in
the benchmark FTSE 100 index.
Mr Mwamba who is the Presidential running mate to Hakainde Hichilema further warned that mine owners that were on record of mistreating and failing to comply with the law would be sent back to
their countries of origin.
Speaking at Kitwe’s Buchi-Kamitondo ground, Mr Mwamba who was accompanied by former vice President Guy Scott, former MMD national secretary Richard Kachingwe, among other members, said his party would re-engage Anglo-American as one way of creating jobs for the youths.
“Once we form government on August 11 this year, we will ensure that we bring back Anglo-American so that we create jobs for our youths and mining firms not following the law will not be allowed to continue operating in the country, “he said.
Anglo American P.L.C. abandoned the people of the Copperbelt province when it pulled out of the Zambian market, in 2002, in a move which left the Zambian Government with a staggering blow as thousands of works at Konkola Copper Mines (KCM) lost jobs and the province was turned into a ghost province.
Following the General Elections of 2001, KCM major shareholders, Anglo American Corporation (AAC) pulled out of KCM reducing its shareholding from 65 to 28 percent . AAC minority shareholding was held by a Zambian registered firm – Zambia Copper Investments.
World Bank’s International Finance Corporation (IFC) and British Commonwealth Development Corporation (CDC) also pulled out their 15 per cent shareholding.
This forced the then President, Late Levy Mwanawasa and his government to scout for new investors until he announced on 21st August 2003, that a London listed Indian Company Vedanta Resources had bought Konkola Copper Mines.
In April 2008, Anglo America sold its 28 per cent shares in KCM to Vedanta. The shares held by Zambia Copper investments (ZCI) were sold for US$231million! Vedanta now owned KCM to the tune of 76 percent with ZCCCM-IH holding down the residue shares on behalf of government.
Mr Mwamba also accused the ruling Patriotic Front (PF) of being behind the violence targeting the UPND but appealed to members to defend themselves when attacked.
“As for me, don’t make a mistake of attacking me because for sure you will not go back with two legs, you will be lame, “he said.
Meanwhile, Mr Mwamba asked the gathering to boycott the buying of Times of Zambia and Zambia Daily Mail in protest for the closure of the Post Newspaper by the Zambia Revenue Authority (ZRA) over its failure to pay taxes saying the Newspaper had been unfairly treated.
