. Yaluma

By JAMES KUNDA –
FOUR mining companies on the Copperbelt are being assessed by Government technical auditors to ascertain the feasibility of stimulating operations amid low copper prices and reduced electricity supply.
Mines and Minerals Development Minister Christopher Yaluma named the four firms as Mopani Copper Mines (MCM), Konkola Copper Mines (KCM), Luanshya Copper Mines (LCM) and Chibuluma Mines.
KCM was initially the only mine where Government dispatched auditors to ascertain the reasons behind the placing of its Nchanga underground mine under care and maintenance last month.
However, Mr Yaluma said in an interview yesterday that all the mines would undergo an in-depth audit so that amicable solutions could be found to mitigate the impact of the volatile metal market.
“Government has taken note of the events taking place in the mines which are grappling with difficulties owing to low copper prices.
“To deter occurrences such as further employee retrenchments, we have dispatched a team of auditors which is already on the ground so that solutions can be found in earnest to sustain various mining operations,” he said.
Mr Yaluma said the audit was not intended to subdue investors, but was vital for the Government to get to the gist of how the mines fared in both favourable and unfavourable economic climates.
He said as one of the major employers, the mining industry was crucial to the country’s economy, hence the retrenchment of 3,000 workers by MCM this year could not be allowed to recur.