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STATE SAVED KCM FROM TOTAL COLLAPSE, SAYS EX MINES MINISTER

By NIZA NAYAME

Mr Musukwa said KCM had become a “white elephant” in debt and was barely functioning.

He said during an interview with Sun FM that the government had to come to the aid of the mine to save it from collapse.

“KCM at one time was at a brink of total collapse, in fact if Government had not moved in, certain multinational companies that KCM was owing had a core option in terms of a takeover of the company and that is why the State because it has privileged information moved in to ensure that we saved the mine from total collapse,” Mr Musukwa disclosed.

He said the development at KCM was spread to Mopani when the company was almost liquidated.

“And this trajectory is the same at Mopani, when we decided to get the offer from BLEMCO, our critics told us that we will not survive a month, up to today Mopani is in excess of over eight months from the time it was supposed to be put on liquidation,” he said.

He said the mines in Zambia need capital injection and the government is on the hunt for partners.

Mr Musukwa added that Zambians must take a significant role in the mining industry through the formation of consortiums and partner with foreign investors to help with the resources.

And he also emphasised that Government was not oblivious to the fact that the country is facing economic hardships despite all the development that PF have brought.

“We are not blind and insensitive to the plight of the people because of the economic hardships, we plan to transform the economy by bringing in more resources in production,” Mr Musukwa explained.

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