Vedanta’s KCM profit revelations irk Nawakwi

Edith Nawakwi
Edith Nawakwi

Konkola Copper Mines

Forum for Democracy and Development (FDD) leader Edith Nawakwi says revelations made by Vedanta Chairman Anil Agarwal that Konkola Copper Mines has been making a minimum profit of $500 million per year is clear indication that all economic managers in the country are sleeping.

Ms Nawakwi has told Qfm News that it is unfortunate that the country is losing huge amounts of money in taxes as a result of the insincerity of some international companies operating in Zambia.

Ms. Nawakwi says she strongly suspects that some certain elements in the ministry of Finance are conniving with some international companies to deprive the country of the much need resources.

The FDD leader says it is unfair for Vedanta to be insincere by claiming that KCM has been struggling to make profit.

Anil Agarwal in a video taken in March 2014 posted online by activists from Foil Vedanta shows him telling an audience in Bangalo, India how he bought KCM for just $25 million.

Agarwal claims KCM is giving him $500 million every year in profit, plus an extra $1 billion.

Meanwhile Vedanta has continued to claim that they are making losses or a minimal profit at KCM.