Lawmaker fears $1m daily revenue loss at Konkola Copper Mine, urges return to Vedanta Resources

Matero Member of Parliament Miles Sampa has called on government to give back Konkola Copper Mine (KCM) to Vedanta Resources so that the mine can be operational again.

Sampa said he was aware that government wanted to find a new buyer for KCM but no one would come buy the mine because legally the mine belonged to Vedanta Resources.

He said for the past three years, KCM had incurred a loss of US$1 billion and about US$1 million loss daily despite the prices of copper being at their highest.

Sampa further said KCM’s operational and financial state had worsened in the last three years under provisional liquidators with a 50 percent drop in mining production.

Read more: Govt in talks with investors over Mopani, Konkola mines, details remain secret

“KCM should be quickly given back to Vedanta so that suppliers can be paid and more jobs created. If Vedanta has its own problem they are better than that dream investor who we will have,” he told the press in Lusaka on Friday.

Sampa said to get rid of Vedanta and find another investor was going to take not more than Seven years.

He therefore said it was better to deal with Vedanta who were already here and willing to invest about US$1.3 billion so it was better for them to come and start operations for the good of the country.

He however said Mopani Copper mine should not be sold because it was better for the government to at least have full control of one mine and use it as a benchmark for other mines that were privately owned in order to curb cheating.

Sampa commended the leadership of President Edgar Lungu then for having taken full control of Mopani and the current government should maintain that mine without selling it.

He said the government should find money to recapitalise Mopani mine using the much talked about connection that the current administration claims to have.

“We need to Keep Mopani so that we can be using it as a control measure against the other mines that are in private hands, all the countries that are doing well in terms of mining have at least one mine that is 100 percent owned by the government,” Sampa said.