THE Zambian government is not yet ready to increase its shareholding in the mining companies until such a time that Cabinet thoroughly examines the matter and advises on how to proceed, Finance Minister Alexander Chikwanda told accountants during a post-budget discussion last weekend.
“There has to be a Cabinet memo to state that Government wants to increase its stake in a company and as far as I’m concerned, there has been no such memo,” Mr Chikwanda said, “In the absence of a Cabinet memo, I can’t state for a fact whether there is any immediate intention for us to increase our stake in the mines.”
In October, Mines and Minerals Minister Wylbur Simuusa told journalists in Lusaka that Government may seek to “increase” its stake in the mining companies currently operating in Zambia but largely in foreign hands.
Mr Simuusa said it was a generally acceptable trend (upping the stake) in the world and would not be uniquely Zambian if it occurred. Mr Simuusa added that if any increase would be effected, it would be done in consultation with the owners of the mines. No short- cuts would be taken as Zambia respects investors but at the same time wants to ensure the mineral wealth is “spread around” in times of good prices.
Zambia wants to use proceeds from the mining companies to reduce poverty and create jobs.
[Zambia Daily Mail]
It seems the mines have threatened the Pf govt over taxes and involvment. One can tell the statements from Dr Scott on windfall taxes and now Chikwanda all sound reassuring the mines.
Can there be some consistence in government pronouncements. We can’t have at one stage the same people tell us they will reintroduce windfall tax when they come to power and now that they are in power they say something different. A minister tells us that they are going to increase government stake in the mines, weeks later another one dispels the notion. A minister says cabinet is still studying reintroduction of windfall tax, the veep says No windfall tax its a closed case. Is this some sort of circus which the Zambian people are supposed to get amused and laugh at??
I think real leadership has began to emerge on the fringes of this government. We have seen it in Guy Scott and now we see it in the finance Minister. The Finance minister is a business person and fully understands these issues. And unlike the other ministers, he fully understands how government functions. Sata needs these two to build his image.
I have serious doubts about the calibre of the mines minister Wheelbarrow SAMUSA, oh sorry, I mean Wylbur Simuusa. I think he needs some coaching on political etiquette because he is making PF look so amateurish with his verbal diarrhea. I wonder what has happened to his one week ultimate on ZCCM-IH, or did somebody finally provide free education for him on how things work.
PF has a lot to do in it ranks
Simuusa is best qualified to speak on Mines. He has worked in mining, and he is conversant with what most mining nations in the developing world are doing.
It seems this PF govt needs to acquaint itself with “Mergers & Acqusitions” and “The art of the deal” in the business world.It seems they’re operating in a very prosaic,pedestrian or hackneyed manner in a case where breach of contract clauses may have been signed into the deal.The only know either party defections or the more familiar marriage as “Mergers & Acquistions”
Well,PF pliz dont jump…jump on wat you are telling us.let us know wat is happening bt make sure that you sit and discuss these issues b4 publishing to the media.we dont want were this one says this yet that one says that.You are doing a very good job so far bt let us have real information at a particular time.we had put you into power because we know you can perform.
PF have never been in govt. They will learn on the job how to coordinate statements and speak with one voice. This doesn’t come over night. Give them time. Most of the PF cabinet ministers have never governed in their lives, it’s their first time. It’s too early to start being judgmental I think.
I suggest they appoint an official government spokesperson to articulate their formal position on these serious issues instead of this free for all…Simuusa says one thing on windfall tax, Sichinga contradicts him, Scot says another thing, Simuusa say something on ownership, oh no says Chikwanda etc.
This uncoordinated approach has serious consequences for listed companies, whose share prices can and has on occasion tumbled based on the various “off the cuff” sentiments expressed by these ministers!
It seems PF did not have a plan on handling various issues regarding the mines. Which is unfortunate because the mine sector is the backbone of our economy and should have been a priority on PF `s to do list.
The PF governmentmust must have a stake in some of the Mines where internal shareholding infighting is affecting the smooth operations of these Mines. Albidon Zambia, Munali Nickel Mine is one such Mine the Govt should reposses or aquire shares to ensure stability. It is a new but faced a lot of CIRCUS CLOSURES. .
I have always detested whatever the MMD Chief Bootlicker has written. I for once see some unconditional sense in his posting today.
Mr. Chief bootlicker I see you waking up from your slumber in giving credit where it is due.
How does Zambia benefit from copper ??
only a paltry $200 million !!?? the increase of minerals royalties to 6 percent from 3 percent for base metals such as copper, and to 6 percent from 5 percent for precious metals.
even MMD thieves would have increased it !
the Veep said the grz will not re-introduce the windfall tax
if the govt refuses to raise its stake in mines, Sata would dupe and betray the Zambian people winthin 90 days…
Chikwanda must let specialists such as Simuusa to do the job…!
FOR THE FIRST TIME I CONQUER WITH MMD CHIEF BOOTLICKER. I MAKE YOU MY CHIEF ADVISER, WITH IMMEDIATE EFFECT.
by the way Chief Bootlicker
you pretended you are a shareholder of zccm-ih…
I suppose you know the AGM will be held on Wednesday, 7th December 2011 at Southern Sun Ridgeway Hotel, corner of Church Road and Independence Avenue, Lusaka at 10:00 LOL
We rely on your big mouth…!
– 100 million dollars swindled from ZCCM, where is the money ?
– your FQM cronies owe ZCCM-ih $475,1 million, when will they pay ?
Is the Minister a survivor from Nagasaki? but he is less ugly than the our presido
goverment has no business in business. their role is to facilitate the smooth flow of business.
This is the Western way of thinking, particularly US and UK. Look where they ended up – China’s got all the goods!
I think the problem is with English language. When a Minister says we may introduce, he does not mean we shall or we must introduce. Its time we have venacular newspapers and tabloids! In Zambia we associate knowledge of English to one being intelligent!
The virtue of a black man and instinct is to steal
Most of people perhaps all, have stolen before, that is what separates people
Like my fiancé with an ordinary Zambian Man. I am disturbed to hear that
A Mr Ngosa here has been arrested stealing toilet powder in Sainsbury
Why are Zambian thieves. Do you know how embarrassing it makes me, and Nick was looking and wondering. Why do blacks act like this? Father children the run away, steal, and terrible accent. I am so incensed I had to come here and vent my anger. If any woman had not given up on them, you are deluded. I am off work now in my Nissan Micra 57 reg. Just grow up people, you are embarrasing us, If you cant go to zambia where you belong
Thanks
Even yourself you are a criminal in the sense that you are stealing s.e.x. The doesn’t allow unmarried people to be doing it. Just like Mbingu Wamutharika was busy doing Vera Chiluba disregarding the biblical teachings.
#16, You sound to be a racist, no one is born a thief! Racism has NO place in the modern world!
How does Zambia benefit from copper ?
Only a paltry $200 million !!?? the increase of minerals royalties to 6 percent from 3 percent for base metals such as copper, and to 6 percent from 5 percent for precious metals
Even former thieves bought and paid for by foreign mining companies would have increased it !
the Veep said the grz will not re-introduce the windfall tax
if the govt refuses to raise its stake in mines, Sata would dupe and betray the Zambian people within 90 days…
Chikwanda must let specialists such as Simuusa to do the job…
@Mushota, You sound to be a racist, no one is born a thief! Racism has NO place in the modern world!
@ 19 Mushota. Thieves are your kin folks either in Zambia or here as you allude to your brother Ngosa caught with loo paper in Sainsbury. I wonder what Northerners feed on as they are brought up to pursue nickie-nikie, ntolelefye trade. Remember, slash fund, new culture,mezarf, chungu and mwaba. Its part of your culture Mushota just tell Nick about it.
Chikwanda is a shareholder in one of the mines on the Copperbelt and does not want to risk his stake when government gets 35% shares in this mines.
@18, ( Mushota ) Are you saying that you are still a Zambian? The best thing you can do is get a British passport and throw away the one that associates you with Zambia. We do not need you and your contributions on this site. What that guy (Ngosa) did has nothing to do with us? He made the decision to steal on his own and he will reap the consequences of his actions. I am not going to get worked up over what another person did and I would advise you to do the same. Such actions are not limited to a particular race. Even Nick’s own people have done similar if not worse things. You come across as one of the most stubborn, intransigent and proud individuals I have ever known.
good men well said
Whats was the PF, opposition party by then, basing their arguement on when they promised to re-introduce windfall tax?
i think # 17 has hit the point,most of us easily forget what we read before,their is nt much contradiction of what whlbur ,dr scot and chikwanda are saying,some of them are talking of future posibilities which they pf promise us while others are emphasising on the current scenario,eg,veep and chikwanda-current events.whybur and sichinga future plans as promised to the electorates.ladies and gentlemen ,we all know the true colour of a man or woman when you start living together and not in courtship-most of us said to him/her i did nt know you were like this or bruu bruuu -bruuu.same applies in campaighn promises ,we need to have HOPE ,PATIENCE & CONFIDENCE,but one thing for sure is 80 % of pipo are not regreting.
“….. Minister Wylbur Simuusa told journalists in Lusaka that Government MAY seek to “increase” its stake in the mining companies ..”
Simusa did not say Govt WILL increase stakes.
“THE Zambian government is NOT YET READY to increase its shareholding in the mining companies UNTIL such a TIME that Cabinet THOUROUGHLY EXAMINES the matter and advises on HOW TO PROCEED, Finance Minister Alexander Chikwanda told accountants…”
Icisungu icisungu!! Sometimes students fail exams because they didn’t understand the question.
THESE PEOPLE BA BWATA BWATA FYE. KOLWESTAN GOVERNMENT HAAAAAAAAAAAA
Mushota, there are thieves in UK, that is why there are jails in that country. Think young lady don’t just be excited by blogging. By the way by now you must know that Bembas constitute most common theieves in Zambia e.g Ngosa who stole in Sainsbury.