Govt won’t be forced to grab KCM – Yaluma

Konkola copper mines - KCM 2014
Konkola copper mines - KCM 2014
Mines Minister, Christopher Yaluma, says government will not be forced to create a bad working environment for investors in the mining sector, considering their immense contribution to employment creation in the country.

Mr. Yaluma says government continues to value the efforts and contribution of the investors in terms of employment creation.

He says government will not be forced to drive Vedanta Resources limited out of the country because it wants to safeguard the jobs of the over eighteen thousand employees at Konkola Copper Mines (KCM).

Mr. Yaluma adds that government will not bow down to the pressure coming from the opposition to nationalize KCM stating that operations at KCM are going on well.

He has stated that government has no intentions of nationalizing KCM, stating that the investor running the mine is capable of doing a good job.

There have been growing calls for government to take possession of KCM following revelations by Vedanta Chairman Anil Argawal that the mine has been making profit in excess of $500 million per year.

This is contrary to earlier claims that the mine was facing operational challenges.

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