ZCCM-IH minority shareholders disappointed at company crisis, blame political games

The resignation of the ZCCM-IH Board Chair, Dolika Banda, is bad sign for the company and the country’s mining interests.

According to the ZCCM-IH Minority Shareholders Spokesperson, Thierry Charles, the resignation raised deep questions about the company.

Charles said in a statement issued on Monday that the shareholders were aware of the rumours which pointed to excessive political intervention as the reason for her departure.

“As shareholders of ZCCM-IH, we have been able to measure the great professionalism and competence of our Chairperson, Dolika Banda, her visceral interest in leading ZCCM-IH forward and defending the country’s mining interests.

“Her resignation therefore raises deep questions and causes us great disappointment and deep concern at a time when crucial issues and dossiers as such Konkola Copper Mines (KCM) and Mopani are underway,” he said.

Charles said the shareholders understood the frustration, which Banda went through and thanked her for all she did for ZCCM-IH for over a year.

“The minority shareholders will remain vigilant on the upcoming deadlines and will ensure that ZCCM-IH’s interests continue to be safeguarded,” he said.

On Monday, ZCCH-IH announced the resignation of Banda as Non-Executive Director and Board Chairperson of the Company effective May 5, 2023.

The company had, therefore, also announced the appointment of Kakenenwa Muyangwa as Non-Executive Director and Board Chairperson with effect May 5, 2023.

In an order of the Board signed by ZCCM-IH Company Secretary, Charles Mjumphi, Banda served as Non-Executive Director and Board Chairperson of ZCCM-IH since her appointment on December 13, 2021.

“The Board would like to take this opportunity to thank Dolika Banda most sincerely for her immense contribution to the Company during her tenure of office and wishes her success in her future endeavours,” the board indicated.

On the appointment of Muyangwa, ZCCM-IH indicated that he was an experienced mining and financial expert with a wealth of experience of over 35 years gained from working in the international mining, metals and concentrates trading, finance, and accounting industries.

The Board expressed confidence that with his vast experience, Muyangwa would make a valuable contribution to the success of the Company.

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