An Economist has advised government to ask First Quantum Minerals (FQM) to increase its shareholding in the mine through the money it is owing Zambia.
Yusuf Dodia has also welcomed the decision by the government to reject the offer from FQM for the government to sale its 17% stake in the mine at a cost of US$700 million.
Minister of Mines and Minerals Development Richard Musukwa has disclosed that government has rejected the US$700 million offer by FQM to buy its 17% stake in Kansanshi Mining Plc through the ZCCM-IH in North Western Province.
Mr. Dodia has told Money FM News that it is good that the government is advocating for an increase of its stake in the mine as opposed to selling its current shares.
Mr. Dodia has described the US$700 million offer by FQM for the government’s stake in the mine as ‘ridiculous’.
He says FQM has fines with the Zambia Revenue Authority saying the government should use those fines to increase its shareholding in the mine to about 30 percent.
Mr. Dodia says the government should offer the mine to buy some shares in Kansanshi through the same money it is owed.
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