The Public Policy Institute of Zambia (PPIZ) is disturbed that Konkola Copper Mines (KCM) has allegedly been exporting cobalt worth about US$20 million per month to China without Government’s knowledge.

Recently it was disclosed that KCM has been exporting Cobalt to Tianjin Maolian Science and Technology Company Limited of China without the knowledge of the state.
But the mine denied exporting cobalt without the knowledge of Government.

So far, KCM has allegedly exported cobalt worth US$1.5 billion to the parent company of Nkana Mining and Mineral Processing Limited.

PPIZ President Fabian Chewe tells Money FM News via telephone that these are the things that should be worrying the government as it is not getting the much needed revenue from the mines.

Mr. Chewe is also worried that mines have not been declaring profits despite making huge sums of money in terms if profits.

“These mines have been pretending not to be making profits but in the actual sense they are making huge sums of money in terms of profits,” Mr. Chewe said.

He says they have been declaring mineral royalty tax which he says is based on production and yet they fail to declare profits made.

Mr. Chewe says last time a mining firm declared profits was in the 1990s when ZCCM declared about US$180 million profits to the government.

He laments that since that time, no mining company has declared that it has made profit from its mining operations saying this is a negative for the country.