By PRINCE MABUMBA
GREEN Party president, Peter Sinkamba says the suspension of ZCCM-IH from the London Stock Exchange will make it difficult for the mining sector to flourish as investors will now regard the mining investment and Operations Company as a risky venture.
The London Stock Exchange has temporarily suspended ZCCM-IH effective May 2, 2023. Mr Sinkamba told Millennium TV in an interview that the suspension may lead to many investors pulling out of ZCCM-IH.
“ZCCM-IH has managed to raise funds from the investors using the London Stock Exchange and ZCCM-IH being a shareholder in various mining companies including First Quantum Minerals and so many of them, it becomes very, very, very hard for our mining industry to flourish,” Mr Sinkamba said.
He also said the suspension would have economic ramifications because mining is one of the major contributors to Zambia’s economy. “And it is really sad in the sense that we may see a situation where a lot of investors who have pushed money in ZCCM-IH pulling out since corruption has been cited as a major problem in ZCCM-IH, and that will cause all other investors to remove their investment because ZCCM-IH has become risky,” Mr Sinkamba said.
