Zambia has lifted a ban on metal exports, just two days after imposing it to sort out irregularities and increase transparency , a minerals ministry official said on today.
Newly elected President Michael Sata has been concerned — analysts say with good reason — that copper exporters are misreporting the amount of ore leaving Zambia. Earlier this week Zambia suspended export permits to put new guidelines in place.
Sata said last week all export payments would need to be routed via the central bank, a move seen as adding more oversight to an industry providing the life blood of the economy.
“The suspension has been lifted. The job has been done. We don’t need 10 years to do the job,” Godwin Beene, mines permanent secretary, told Reuters.
Information minister Given Lubinda told reporters another reason why the suspension was lifted was because it would take time to come up with new guidelines.
The mines ministry initially said it would need until Oct. 16 to put new measures in place, but mines were able to resume loading trucks on Thursday, logistics sources said.
The chamber of mines, which represents foreign miners, welcomed the lifting of the suspension.
“It was too long and was definitely going to hurt the mining companies. With this reversal the impact will be minimal,” said Frederick Bantubonse, its general manager.
“We haven’t been given the reasons for the reversal, but we can all guess,” he added.
Details of the new procedures were not immediately clear.
“The new measures will come into effect when the Bank of Zambia is ready. For now exports will continue to be guided by the existing Mines and Minerals Development Act,” Beene said.
[Reuters]
90 days at work, weldone
Minister Lubinda:
Information minister Given Lubinda told reporters another reason why the suspension was lifted was because it would take time to come up with new guidelines.
PS:
” The suspension has been lifted. The job has been done. We don’t need 10 years to do the job,” Godwin Beene, mines permanent secretary, told Reuters.
Who is fooling who and who is telling the truth? Ok It’s DONCHI KUBEBA
“The suspension has been lifted. The job has been done. We don’t need 10 years to do the job,” Godwin Beene, mines permanent secretary, told Reuters.
Information minister Given Lubinda told reporters another reason why the suspension was lifted was because it would take time to come up with new guidelines.
These are two conflicting messages, this is what happens when there is no consultation before making such stain announcements. So what job has been done as quoted by the PS if the minister is saying this is going to take time???
Sata take it easy, bika bola panshi. You cannot change Zambia in 90 days, we understand. Just do things right.
# 2 AND 3, no one is fooling who ok ,those are two reasons given for lifting of suspension by the minister and the ps…………whats your problem,remember problem shared problem solved.
Confusion at work in Lusaka!
PF Government is a government of jokers. What have you done in the 2 days to seal the percieved loopholes in the export of copper? Do not excite the population and stop playing hide and seek with the economy. This is a government of kaponyas without substance but running a country on trial and error. Wake up you are now in government and we expect seriousness
you don’t run the country like a katemba where you decide when you are excited.PF you are inconsistent any way that’s how you are.today you say this tomorrow you revert.honestly you cant think properly.you are an embarrassment.pullup you have 90days .
Mr. Sata and company get down to serious work. If you have failed to justify your premature directive admit and I may just give your government some respect and commendations and not this circus. I am sure these wild pronouncements you are issuing lately are without consultations with your cabinet and others in the know. Take it easy. There is nothing wrong in telling us that the 90 days formula was utopia and you need more time to understand running government. There is no shame in honesty
They have realised that the ban was self-defeating hence the quick lifting. So what did they do in 2 days? If they really did anything, I suspect they did not need the ban to do it, if its only a 2 day job. What a bunch of jokers!
Scare them, get oiled, give conflicting statements. This is Zambia we seem 2 have wasted our vote. Poor Us!!!
For now stay away from the press and only speak when you have something tangible to share with the Zambians. You are embarassing yourselves with these wild prnouncements. You can sit with your cabinet and strategise for a month without exciting Zambians with unfounded wisdom. So that when you speak it is about issues we your employers will be pleased with not this hogwash you keep feeding us on. We your employers are directing you to only speak to us when you have worthwhile issues and not these somersaults and acrobatics
You haven’t done anything but devalued our Kwacha over the last couple of days! What has been done? Nothing at all! Learn to think and consult experts before acting. We understand you are a man of action, but first think, plan, do and check…as they say. This is the reason we need the opposition to challenge the ruling party on decisions such as this one.
This surely is a village government full of jokers and kaponyas
Chimbwi a`fwile idanganana… – Can someone please translate this for me? I`m not Bemba.Careful what you wish for or you might just get it:)
you need a doctor to examine your u bemba head and the translation will come naturally
It means your mother is an a** h***
First it was an inquiry commission into Finance Bank dealings which was given 30 days, the next day a decision was made. Where is the report? who did it? MMD and PF are just same, Zambians you wasted your vote !!
MCS should read the book by Lee Yew ‘From Third World to First World’ and run a few lessons about how to run a country. By the way, MCS has appointed Joe Chilaizya, as ZNBC boss without going through board structures and interviews. Maduma has been appointed Director of Programmes, going back to the insitution he left in 1998/9 after clocking 33 years. Joe named one of his sons, ‘Jesus’. He claims in his unpublished manuscript God anointed him Zambia;s messiah
ruth, how do you know so much about Joe? was he f**king you?
I meant to say, ‘MCS should read the book by Lee Yew ‘From Third World to First World’ and learn a few lessons about how to run a country’. From these decisions made without aforethought, i can only predict Zambia will be under the state of emergency soon. In any case, from what is happening, we are under a state of emergency.
PF government be serious,stop rushing to the press.before we finish reading the press release there is a reversal.sure stop dreaming.
Come on guys, they will get it together. Campaigning and governing are two different animals, as Obama has discovered. One expects a few kinks here and there.
Ala this circus mweh! We are in it for 5 years, that’s saddest part of this whole kaponya gov’t.
Chioneka monga you are just confusing us. Tefyo navotele ifi!
#12 its chimbwi afwilile intangalala. I am not bemba too but its supposed to portray that greed kills. Hyena came across a forked road and he could see bones on both sides of the paths. He decided to go for both bones, with the right legs following the right path and the left legs headed for the left path till he was torn open in the middle. Catch the drift?
Ala this circus mweh! We are in it for 5 years, that’s the saddest part of this whole kaponya gov’t. Kwati ni pa soweto ama disorder na confusion…
Muyenda???
#14 ruth– Chilaizya’s appointment should be challenged by all citizens. These posts are in Public owned companies. The post needs to be advertised by the board and applicants interviewed. You just dont wake up and appoint some perceived political sympathiser to a post. Sanity has to prevail.
Usual African jokes:
“The suspension has been lifted. The job has been done. We don’t need 10 years to do the job,” Godwin Beene, mines permanent secretary, told Reuters.
” Information minister Given Lubinda told reporters another reason why the suspension was lifted was because it would take time to come up with new guidelines.”
Here you are with PF governance, experimenting from day one, i hope not for 5 years.
One says the job is done, the other says the ban has been lifted because it would take a lot of time to come up with guidelines.
This immediately will remind you of the town centre and city market guys who will all talk at the same time telling you the bus is going to chelstone, another says, abaleya mandevu, the other says chilenje – same bus. That’s PF.
Hahaha… Are we thinking the same?
#20 very well explained but should be “Chimbwi afwile intangalalo”
People have always said PF is a party of hard core kaponyas.
They may not have been correct but I think they meant that the behaviour is the same as that of kaponyas if not exceeded.
This is why Shamenda yesterday said workers should give govt time while at the same time saying workers are free to demonstrate countrywide to air their grievances.
This can only happen in Africa where kaponyas are taken for consultants.
Great move PF
1) the ban put exporters on their toes
2) Confidence is restored to the markets.
Good evening
It now seems to be the fashion to question the president’s decisions and attack the new government on every thread.
Suppose there was a tax-dodging loophole somewhere along the route, how else do you expect it to be exposed and sealed if things simply went on as before and there was no directive from the highest office to halt the procedure?
It is not unusual for governments to make temporarily painful decisions such as these in order to safeguard national interests. It is better to have a government which rides ahead to analyse possible dangers and steps on the brakes on time rather than one which lags behind and only reacts after the damage has already been done.
We do not need to experience Capital Float in Zambia.
Sata has realised a made a BIG MISTAKE. He should have consulted his Economic Advisers and not appease the masses. So no job has been done in the last 24 hours when he raised his suspension.
The mines of Zambia are run by foreign companies that secure Capital Fund from Investment Banks, Hedge Funds which in turn is invested in Zambia, in return to pay back loans for profits
They cannot afford to Default Payments if they do not deliver copper and get their money on time. It does not do Zambia any good at this critical time.
Commodity Traders on the London Stock Market & Chicago Mental Exchange can simply shy away and start negative spreading Zambian Copper prices. If they do that Zambia suffers.
Greetings No# 27 Nine Chale, I know you love my above post. I have seen the wisdom of what Sata did, hopefully others do too. But our democracy, Botswana, Ghana and South Africa are beacons in Africa today.
Take Oil – Libya was always forced to sell its oil a bit cheaper to the Western Nations while Saud Arabia would sell at a better price, because of the rants from Gaddaffi.
Why? because Market Fundamental Analysis does have a way of pushing the price down on all Global Stock Exchanges house such as London, New York, Tokyo, if Commodity Traders do not like what’s in the News Feeds. Today Libya is selling the oil at the best price.
Steve Jobs is dead and the price of Apple prices has gone down. Why? Because Markets do not like uncertainty which is driven by Market Fundamental Analysis news feeds.
Imwe bantu is this the change you wanted, we are shocked at the turn of events.
If Commodity Traders do not like what is coming from Political Leaders in Zambia, they can frustrate our Copper Price Spreads, while other nations would get the best BIDS & OFFER prices on the Commodity Stock Exchanges. Lets reason and not get excited with this 90 Days Syndrome. Mr President seek wisdom and acumen from advisors before calling shorts. We are all in this together as Zambians
21 and 23 You really understand the decision making process of this kaponya governmebt very well. I cant agree with you more.
Chilenje! matero! same bus.
@ no# 32 Independent Observer thus the changing of the tone by goverment. It was to scare investors to reality, and it is working. Thanks for your contribution you give valuable data.
#27 Nine Chale,
But do you need to stop business in order to carry out a study?
Has business become a patient who needs an anastitatic operation??
The consequences of the ban were underestimated, and that has been realised reactively other than projectively.
You dont do things like that; you are not running a kantemba but national affairs please.
They dint know the implecations?
Are we going to be doing things by try and error.
State house has never been an expert of business anywhere, at least in the world I know.
Yes, sometimes you need to stop business in order to carry out investigations. It is called proactive management approach. The president is not answerable to you and me when he makes such decisions. People should stop relaxing… the brand new Sherrif is in town.
Fine! I think you’re right. The reason they lifted the ban within 2 days is cause they realised they shouldn’t have imposed it in the first place. They have time to set up new guidelines which will of course take time, does it mean during that period, say 1 month e.g., there weren’t gonna be any copper exports? There was gonna be a seriously negative impact on the Zambian economy hence the quick turn-around.
Logic in Zambia is rare commodity sometimes. Do you have to close a hospital when you discover that some medicine is being pilfered? Let us be objective in what we do. In as much as I support Sata’s move, let us a t least find a sustainable way of implementing it. I am surprised that Nine Chale whom i hold in high esteem can blog like that….
Thank Mr President. I took advantage of the uncertainity in the market to send money home to help my relatives. and indeed your policies are bearing fruit – the devalued Kwacha has resulted in more money in the pockets of my relations
Cobra just wanted the mine oweners to give information on how is going out and coming.Uncle Bob Sichinga was Finance Director for ZCCM during KK’s time,os he has the data of the opration of our mines.Am some dirctors were at state house knee down with paper work and files.Some even told Cobra on how much was given to the MMD during the run up to the election time.
Only yestday i was among the very few on this blog who criticised the move. I even said it was unheard of in the world becoz government can steal work the new guidelines without disrupting metal sales. And what did we get? hundreds of insults from PF supporters. The biggest problem and weakness with PF supporters is that they think alike. If one person says yes, everybody follows without thinking. I guess this is what will be happening in Sata`s cabinet meetings. I doubt if there will be any meaningful debate—-since most of them are related to Sata ——–and according experts on diversity ——-like minds think alike.
@22 spot on even the Zesco MD has to be appointed by the Board and not Presido. We are all watching silently i bet you that no one will complain. The appointment of Maduma is really a joke. When are the young of this country going to start doing some of these jobs?
Only yestday i was among the very few on this blog who criticised the move by Sata. I even said it was unheard of in the world becoz government can still work the new guidelines without disrupting metal sales. And what did we get? hundreds of insults from PF supporters. The biggest problem and weakness with PF supporters is that they think alike. If one person says yes, everybody follows without thinking. I guess this is what will be happening in Sata`s cabinet meetings. I doubt if there will be any meaningful debate—-since most of them are related to Sata ——–and according experts on diversity ——-like minds think alike.
They are ‘muselela kwa kaba’. They suspend thinking out of the box when it comes to MCS’ actions and pronouncements. We are in for a rude time with this kind of gov’t and the world economy looks gloomy ahead which will make it hard for PF gov’t to fulfil its promises.
Too much ‘ngwa ngwazi’ in their heads.
Atleast they had to let the nation and campanies dealing with our copper know that government know there is lophole somewhere, which MMD ignored.
And which one do we go for? Permanent Secretary says the job (meaning guidelines have been done) and Lubinda (Information Minister) says government has realized that it will take a long time to come up with the guidelines.
Nine Chale, are you serious? You can halt business operations for 2 weeks for a sector that controls almost 90% of the Zambian economy? If you are part of Sata`s advisors then Zambia is in trouble. Good day!
Logic in Zambia is rare commodity sometimes. Do you have to close a hospital when you discover that some medicine is being pilfered? Let us be objective in what we do. In as much as I support Sata’s move, let us a t least find a sustainable way of implementing it. I am surprised that Nine Chale whom i hold in high esteem can blog like that….
Ba Godwin tuchawa – how long have you been in that position to tell us that you have sealed the loophole in 48 hours? You mean all these years Mr Beene did not know that there was a problem in his Ministry but continued getting his salary? Actually, one of the loopholes to seal, if there was such a big problem, is to fire and/or even prosecute Godwin Beene the PS for knowingly or unknowingly letting billions of dollars go unaccounted for.
ba lusaka times,
so you have become too jittery that at the mention of sata`s name you block the posting.muledabwisha
@ Nine chale
you are a very civilised cadre,to eloquent and convincing when you are trying to justify your big mans handicaps,listen my friend like before even on this one he has boobed big time.international media are wondering if it was necessary to stop the flow of the economyb just to implement policy change.as at today zambia is deemed as a risky investment destination.you can put your billions in this country today only for the president to work up the following morning and nationalise everything.now wail for those world cat strikes spread across the country and you will hen come to kiss reality.advise the president to do any comedy he likes with his new found powers but thou shall not bite the fingers that feeds you.THE INVESTORS take it or leave it
@ 46 meant wake up and not work up.sorry mwe bangeleshi
Ignoramus!
Well it’s a good thing they have reversed the initial export ban. Last time I stated that it’ll be costly to maintain a ban on copper exports and this will hurt investor confidence. Nine Chale came hard at me and called my statement baseless. Now it seems my initial statement was right.
I stated that it is possible to maintain exports and put in place the “new” guidelines and yet Nine Chale still maintained that my statement was baseless. Now it does not seem so baseless does it.
Anyway since the PF govt has lifted the ban, the impact will be minimal. The same cannot be said about investor confidence though. So far the PF govt has been unpredictable. Last time I advised that it is time the PF govt set a policy map to boost investor confidence.
We have now began to hear realities dawning on PF government that they have nothing new to offer to Zambia. We advised them some changes being made will hurt our economy, this was one of them. With no new ideas and time running out, resorted to existing methods of metal export. PF govt will find it hard to bring new ideas if they change things without consulting among themselves and leave it to one tired man. Other parties need to take advantage of this and remind PF to be serious in govt. Voters too need to begin to analyse PF carefully and the incosistency displyed so far if they will realy deliver to their expectations.
The common market denominator is that Commodities of which copper is one of them, have their prices driven by Irrational & Excessive price fluctuation as a consequence the power and influence behind the price is SPECULATION which can be either:
1. Bad News to drive the price down
2. Good News to drive the price up
Investors, Traders, Potential Buyers spend time sniffing and reading through such News Feeds to help them decide on which deals they should strike.
Sata and his team must try by all means avoid Blowing the Bubble. Take the sanctions on Zimbabwe aside, a lot of international business people do want to do business with Zimbabwe because of the “Irony” of Robert Mugabe’s autocracy and dictatorial leadership.
Mugabe controls the Central Bank like his personal business house. Its my hope that we do not end up in that way.
More popcorn … as the PF soap opera that moved from Mtendere to state house continues …. watch while your country goes down again.
This is a typical of ” Anione anione nyandule iponela mu tobwa” , Soti achewa akuti”nkonze nkonze ina mylisa malilo ane bake”. In short shortcuts and show boating always lead to embarrassments and disasters.
To restore a degree of justice to the debate:
1.The export ban has been lifted and we all agree that it is a good thing.
2. Whether or not it was the right thing it was the right thing to do, is arguable.
I am not trying to have the last word but I still want to point out the fact that the president and his government sometimes have to act on uncomfortable decisions even if they seem to be detrimental to the economy at first glance.
I am convinced that sooner or later, the truth will be clear for all to see whether or not it was the right decision to make. All in all, I hope we continue analysing such issues without getting personal or resorting to the ugly forms of insults or defamation.
I rest my case.
@ Nine Chale, why not look at it this way …. think before making popular decisions for the sake of exciting people and then change your mind after the sun has set. No excuses here, we know you are PF cadres but please be objective!!!!!!!!!!!!!!!!!!!!!!!! ala , its hurting the country and just because its your uncle in state house we should rationalise such issues.
Mr Beene is already imagining Mr Sata in state house for 10 years…’we dont need 10 years to sort out the problem, just 2 days done’…..load of hot air…….Beene, You could have just said the truth and retain your dignity.
@Nine Chale, Don’t you think all these mistakes/blunders could be avoided if there was more consultation before the announcements are made. PF is trying to do everything at once, they need to take it easy. We all want what is good for our country, The last thing we need is a YES bwana mentality. There should be room for consultations and debate which is what seems to be lacking within the new govt.
52@ Independent Observer – we like your objective and educative comments. please keep educating these buddles. these chaps think you can just shout without really looking at the impact. where are all the top minds of pf. i forgot, its only kabimba and his boss sailing the boat.
Zambians, learning the hard way. This is what you voted in to power. Eat it!
mwebantu is this what we voted for? This is bushitt. Does it mean our children who continue to suffer in this country we call zambia. who the hell do they think they can cheat. Lets wait for 90days before we start to opening our foul mouths.
Look at the above bloggers criticising, are you mine owners and Investors all of a sudden? Don’t you think for once that the government had the nation’s interests at heart in its actions.
63# Maxwell
I am an Equity & Derivates Trader and also in Acquisition. Part of my job is to evaluate & listen to what my colleagues on the Commodities Markets Analysts in Europe, USA, ASIA are SPECULATING, BUYING & SELLING. I am high-lighting this in the best interest of the nation.
I ask you to spend some time watching Bloomberg & CNBC Business TV Channels and listen to what’s happening on the Global Markets. You can also watch these channels live on the internet and list to Market Analysts and Movers.
I am tired of thie argument and need facts. can somebody in the know-how tabulate the following relating to the copper producing coutries like Australia, Chila, and DRC:
1. How much revenue in terms of % output are the government getting?
2. How much are the miners paid compared to zambians?
3.How much investmens (DFI) has gone to them compared to zambia?
In the last 24 hours Global Commodities Traders have focused buying and selling copper from South America – which of course is not good for Zambia.
As a mater of fact the Zambian Government must be very much aware about this negative impact on investment companies like GLENCORE which owns MOPANI MINES.
The PF Government has learnt a big lesson about Global Copper Markets in the last 24 hours
Traders on stock markets don’t like Risk Exposures because they make Fast Spontaneous Decisions in Real Time. Besides, nearly most traders I know are multimillionaire, so they don’t give a yank about what Zambia says.
Yes the government wants the best interest for the nation but they are better ways of imposing Regulations than shutting down the Zambian Copper Market.
There is time to play politics and time to face reality when blogging !!!!!!!!!
As a patriot i want to believe that in the last 24 hours the establishment has found ways to plug the loopholes in the manner our minerals leave this country to ensure we obtain the right statistics and collect appropriate taxes to benefit those at the lowest rung of the populace, in a trickle down arrangement. The taxes we collect should improve the national fiscus and translate into hospitals, roads, medicines, better education facilities for our people who are the owners of the resources. It will be preposterous for the new government to continue with the status quo in this regard. The “flip – flopping”, unless its a result of genuine consideration gives the impression of “groping” in the dark! This government will need the money to deliver the election promises to the people!
@67
For trader you are so full B.S, maybe its a case of watching too much TV: Glencore are nothing but thieving b@st£rds these guys are in everything buying, selling, marketing, mining no wonder the under-price the copper.
My friend continue watching business channels too much of it is not healthy though!!
INDEPENDENT OBSERVER,
the president himself does even know what bloomberg CNBC is,what of his lickers who have chocked us with praises at every stunt he makes.ask them what positive economic moves he has made in the last 10 days nothing,all he is scheming is how he is going to bring bwezani
in the Dock and hounding perceived enermies.the man is full of hot air wait till the economic bubble burst and reality will come to dawn on zambians
@ maxwell
iam at pains to understand who is more intelligent and understand the dynamics of metal markets between you and the anchors on the TV channels independent observer derives his imformation from.just admit that your big man blundered and long term negative effects will shore up as we go.we just want to see how long you chaps will stay on with your praises
k230 billion loss of sales in 2 days.
Uncertainty in the market,
What happens to perishable exports…
hahahah im laughing so hard right now. ‘u dont run a country like a kantemba’!!!
Imwe, the media misquoted the president.
If this was soccer, PF have scored 5 own goals and scored none. There are just too many mistakes & i have lost hope that the Sata family can steer us to prosperity. Those claiming that he has done well on corruption fight should know that in this modern age we go by the number of convictions in the courts of law & not by presidential decree.
God help us!!
Talk of the bullwhip effect in the supply chain!
Watching football and playing football are two diffrent things, everybody nows that . So relax.
After this major blunder, It will be interesting to see when and if the PF Government will impose the windfall tax. They made a lot of noise about this and we all await the Presidential decree.
Thanks Independent Observer for your posts and i guess many other sensible and mature Zambias are appreciating your posts. Never mind about most of these PF cadres on this blog, they are so ignorant and suffer from weird inferiority attitudes——and becoz they have no ability to reason they get frustrated and insult.
Govt of jokes
These are what we call uncontrlled experiments.
These are what we call uncontrolled experiments.
@65 Mwenye-UK
Go f*ck yourself. Why don’t you do the research yourself? You are the educated kaponyas who claim that windfall taxes will cure Zambia’s problems. Do you know how taxable profits are calculated? Do you know about the quality of investors Zambia is able to attract following these kaponya approaches to investors and governance? Is DRC your yardstick of a good investment destination? Why do you prefix your name with _UK instead of _DRC where you belong?
@56 Nine Chale
Unless it is a case of donki kubeba, what has changed in the last two days for metal exports to be banned and unbanned? There is even no BOZ governor, so you cannot say that there are new procedures in place. BOZ as currently configured is incapable of banking export metal receipts. They don’t have the systems and people because BOZ has been restructured for a free market. A pathetic fascist regime like the current one needs to completely change the banking industry upside down and then you need to override all the financing agreements that the mine owners have with foreign banks. Let me see did that happen over the last two days or even will be accomplished by 16 October?
Iwe Chipuba
If only Zambians like you constitutes the 43% that voted for PF..we will be safe this time.Keep it up!!!
Mean’t to say…constitute