By Michael Kaluba
Social Anthropologist James Musonda says Zambia should brace for losses at both Mopani and Konkola copper mines as government has allegedly failed to provide investments and policy direction to the country’s mining sector.
Dr. Musonda claims that government has failed to take advantage of the current record high copper prices by refusing to invest the $300 million needed to make Mopani that recorded a net loss of over $91 million recently, profitable and for the progress of the mining sector.
He tells Phoenix News that while it is too early to judge the performance of the mining sector under the new dawn administration, there seems to be
Dr. Musonda adds that government must be decisive and either run the mines effectively or surrender them to private hands, stating that while state controlled Mopani and KCM continue to languish in losses, private owned mines in north western province are declaring profits which are unfortunately externalized.
Both Mopani copper mines and Konkola copper mines remain in dire need of capital injection in excess of $300 million respectively with the latter still facing numerous court processes after its liquidation.