ZUPED Urges Swift Action on Konkola Copper Mines to Revitalize Economy
The Zambians for Unity, Peace, and Development (ZUPED) has voiced serious concerns about the ongoing inactivity of Konkola Copper Mines Plc (KCM), stressing its detrimental impact on Zambia’s national economy.
ZUPED President Ronnie Jere highlighted that the weakening of the kwacha is partly due to decreased revenue from copper exports, directly linked to KCM’s halt in operations.
Mr. Jere emphasized that current favorable copper prices on the international market represent a missed opportunity for Zambia to boost production and secure essential foreign exchange.
He urged the government to expedite the handover of KCM to Vedanta Resources to enable a rapid return to full operations. “We have faced numerous economic challenges, some of which could have been mitigated if KCM were operational.
The weak currency results from our inability to export more and earn the necessary foreign exchange. Therefore, the government should act swiftly to ensure the mine resumes full operations,” he asserted.
Discussing the broader economic implications, Mr. Jere noted the potential for job creation. “KCM is crucial for generating employment on the Copperbelt, which would, in turn, stimulate economic activities both provincially and nationally.
The mine can create direct and indirect jobs, thereby enhancing productivity and living standards.”
Mr. Jere commended the government’s efforts, particularly through the Ministry of Mines and Minerals Development, to restore KCM’s viability.
He expressed optimism following Mines Minister Paul Kabuswe’s recent announcement that negotiations with Vedanta Resources are expected to conclude by the end of the month.
“This news gives us confidence that by July, we should see significant progress at KCM, including the investor’s commitment of US$1.3 billion for mine recapitalization, US$250 million to settle arrears to contractors and suppliers, and US$25 million for corporate social responsibility programmes,” Mr. Jere concluded.
