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James Musonda, a policy expert and critic of United Party for National Development (UPND) mining policy, says bringing back Vedanta Resources at Konkola Copper Mine (KCM) would have political consequences.
“Everything has been pointing to Vedanta that ‘ruined’ the mine coming back and I see political consequences for the UPND come 2026,” Musonda said in a statement on Saturday.
Read more: Mines Minister, Kabuswe, says Mopani investor to be known month-end, July
He said the current regime needed to be very careful in handling the issue of KCM especially that President Hakainde Hichilema then as opposition was a subject of innuendos that he was allegedly hobnobbing with Vedanta.
“This accusation was made by former President Edgar Lungu and other leaders of the opposition like Citizen First president Harry Kalaba and his Socialist counterpart, Fred M’membe have escalated the innuendo, hence the need for the government to be careful in dealing with the issue of Vedanta,” Musonda said.
He also cast aside the recent assurance by Mines and Mineral Development Minister Paul Kabuswe that Mopani and KCM investors would be unveiled within the course of July, 2023 as ‘laughable’.
“Residents of the Copperbelt have been laughing each time a government official makes a pronouncement that Mopani and KCM issue will be ironed out soon, they find such statements as laughable,” Musonda said.
He said from the look of things, Glencore which bought the Mopani assets at US$30 million and later sold it US$1.5 billion through a loan to the government wanted to come back through a back door.
According to Kabuswe, four mining companies have been shortlisted and have logged in bidders for the takeover of the mine.
The four companies are China’s Zijin Mining Group and Norinco Group, Sibanye Stillwater Limited of South Africa and an investment vehicle owned by ex-Glencore Plc officials are short-listed to buy off the mine.
Mosonda is currently a Senior Researcher in Energy Policy at the Institute for Economic Justice in Johannesburg and holds a PhD in Politics and Social Sciences from University of Liège, Belgium.
In 2021, he won the Terence Ranger Prize for his work on Zambian Copperbelt miners and he is a former trade unionist.
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