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INVESTORS EYE CHAMBISHI METALS ‘MORE INVESTORS WILLING TO GET CHAMBISHI METALS’

GOVERNMENT says it has received overwhelming inquiries from investors willing to take over the running of Chambishi Metals. Mines and Mineral Resources Minister Richard Musukwa, said in an interview that the government has since been advising investors first hand impression on the scientific process and other aspects involved in extracting the commodity. Early this year, Government announced that talks had started with another investor intending to take over the running of Chambishi Metals.

 The government was hesitant to revoke the mining licence for Chambishi Metals but opted for dialogue aimed at resolving matters at the firm which had been on care and maintenance for over a year. “We will proceed to ensure that we revive the operations, re-employ our people and bring back life at Chambeshi once we get firm commitment from interested parties. “We are keen to ensure that this matter is resolved at the earliest convenience because this situation affects other issues in the economy such as the price of cement and so on,” he said.

Mr Musukwa observed that the closure of Chambishi Metals, a major producer of gypsum would adversely affect the construction industry. He explained that Government placed great importance on business and economic matters alongside social and political matters.

 Mr Musukwa said the government would handle the matter seriously and ensure there was is a balanced approach. Initially, Chambishi Metals Plc was involved in the mining, refining and tolling of cobalt and copper under Anglovaal Mining Limited.

In 2003, ENYA Holdings BV acquired Chambishi from Anglovaal but in 2010 it was acquired by the London listed Eurasian Natural Resources Company in a related-party transaction. However, the Eurasin Resources Company placed the mine under care and maintenance as the firm could not get copper concentrate feedstock.

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