An Investment Expert says Government’s plans to increase its stake of shareholding in the mining firms through ZCCM-IH will only be beneficial if it is used for the interest of the people.
Speaking in an interview with Money FM News, Kenny Sinyangwe said the move is a step in the right direction but that it will only become a problem when ZCCM-IH start refusing investors’ plans to expand the mining firms once they have the controlling power.
Mr. Sinyangwe observed that back then, ZCCM-IH used to be an idle partner as a shareholder because they were not active in investment so that they have a controlling decision making, as they were only protecting the interest of the people.
He says now they have learnt that they need to put in more investment so that they can have that decision making power in the way the mines are run.
“ZCCM-IH used to be an idle partner as a shareholder, they were not active in investment they never really used to put in money so that they have a controlling decision making, but just protecting the interest of the people.”
“But now they have learnt that they need to put in more investment so that they can have that decision making power in the way the mines are run. Basically, they want to increase the administrative function in these mines,” Mr. Sinyangwe said.
Mr. Sinyangwe stated that he only hopes this interest will be extended to locally owned mines not just those that are owned by foreign investors.
“I hope this interest will be extended to locally owned mines and not just mines that are owned by foreign investors because we’ve got plenty Zambians that own Mines,” he added.
Recently, Mines Minister Richard Musukwa disclosed that Government through ZCCM-IH is working towards increasing its stake of shareholding in mining firms.
Mr. Musukwa said authorities want to see ZCCM-IH and Industrial Development Corporation-IDC play a major role in mining operations for citizens to derive maximum benefits.