ZCCM Investment Holdings’ stakes in Kansanshi Mine have not been sold, according to clarification from the government.
Contrary to rumors, the new deal between ZCCM-IH and First Quantum Minerals – FQM – regarding the operation of the mine in Solwezi is accurate.
According to the agreement, First Quantum Minerals’ operating company Kansanshi would pay ZCCM-IH a 3.1 percent royalty on its sales, according to Chief Government Spokesperson CHUSHI KASANDA.
Depending on the gross value of metal products, primarily copper and gold, sold or otherwise mined at Kansanshi, Ms. KASANDA estimates the royalties to be in the range of 50 to 70 million US dollars per year.
According to her, this arrangement benefits ZCCM-IH because the royalty will be paid as long as Kansanshi is in business.
The arrangement, according to Ms. KASANDA, who is also the Minister of Information and Media, establishes a more steady and predictable revenue stream that ZCCM-IH can use to generate money and carry out its ambitious investment strategy.
This is in accordance with a statement made by the Ministry of Information and Media in Lusaka.
-
President Hakainde Hichilema Mourns the Passing of Edgar Lungu
-
Edgar Lungu has Died
-
President Hichilema Pays Tribute to Pope Francis at Solemn Requiem Mass
-
Government Intensifies Soil Analysis Campaign to Boost Agricultural Productivity
-
Businessman acquitted in high-profile corruption case linked to ex-President Lungu
-
Teenage girl found dead near Kamwala South Secondary School, police launch investigations
-
Vice President calls for stronger engagement between UNZA management & student leaders
-
President Hichilema sets 1,000 megawatt solar energy target for 2025
-
RPP backs Vice President’s call to accelerate national gender policy implementation
-
Kariba North Bank Power Station to boost generation with increased water allocation