By ROGERS KALERO
MOPANI Copper Mines (MCM) projection to record a decade high profit of US$57 million this year from a US$40 million loss will vindicate the Patriotic Front (PF) and former republican President Edgar Lungu’s decision to repossess the mine from Glencore PLC and give it to the Zambians, the PF has said.
In a presentation to a government team led by Mines Minister Paul Kabuswe in Kitwe, MCM Chief Executive Officer Charles Sakanya said the giant mining company would record a decade high profit of US$57 million profit this year from a US$40 million loss.
PF Copperbelt Youth Chairman, Moses Musonda, said despite losing power in the August 12 elections, the former ruling party was proud that it had laid a firm foundation for economic recovery through sound economic policies which would continue to yield desirable results.
Mr Musonda said the profit record at Mopani was as a result of the PF decision to repossess the mine, now under Zambian management.
He explained that Mr Lungu took a bold decision to repossess the mines when Glencore Plc was about to place the assets under mine on care and maintenance.
Mr Musonda said the PF was proud the mine was set to record a decade high profit of US$57 million because of the bold decision of its leadership at the time.
He said youths would soon regret their decision to vote for the UPND because it has nothing to offer apart from witch-hunting and retribution.
Mr Musonda said the PF had put in place a number of measures to improve the economy including stabilising the Kwacha, but more than one month in government , the UPND was still waffling.
“Now , the dollar is sky-rocketing, what explanation can the UPND give, especially after promising that after being inaugurated at 10hours, the dollar will be K5 by 14 hours It is really sad that Zambians believed in the lies of the UPND despite being warned ,” he said