Government gives questionable Sudanese businessmen gold control

Government gives questionable Sudanese businessmen gold control



Elias Munshya writes…

They lied that gold in Mwinilunga will be owned and mined by ZCCM-IH or a company under IDC. That’s after PF party was caught stealing the gold.

No, they’ve incorporated a new private company in which shares are held by ZCCM-IH and a mysterious private company which holds majority controlling shares.

So what company is this? Who are the owners of this mysterious company? When was it incorporated? What experience does it have in mining? Who are the directors?



* All the directors are Sudanese
*Why should Sudanese terrorists be allowed to control our gold?

This is a special purpose vehicle, Predetermined and single-sourced for the purpose of pilferage! Barely six months entity.

Meanwhile, Konkomalimba Kapumpe writes:

People have asked to explain the Gold issue, here is my humble understanding.

When the debt started to ballon @saviour Chishimba was one of first amongest us to cry out that why are we not using the gold that is simply being taken away from us.Later we even started hearing of gold in Rufunsa, Mumbwa and North Western. So the gold, emerald and diamonds it’s your ideas..I can show you many articles three to fives years ago by Zambians. This an Economic Freedom idea.

How can Gold rescue Zambia

It is diversification strategy that would enable the country to buy gold which is locally mined in the local currency – Kwacha and be used to up reserves above the direct US Dollar forex earnings and inflows.

The advantage of establishing gold reserves include the greater security of gold reserves kept at home. Relative to foreign exchange reserves, which are claims against foreign banks and authorities, which can be blocked any time for political reasons.

The other known advantage is that most suited to Zambia is that gold reserves would provide a more stable asset to diversify from only holding US Dollar reserves. Zambia has struggled to have a stable Kwacha and gold reserves could provide a war chest to draw on and counter the perpetual Kwacha slides experienced year in year out.

What PF goverment has done

Array Metals will work with ZCCM-IH subsidiary, Consolidated Gold Company Zambia (CGCZ), on the construction of a gold wash plant and other mining machinery to mine and process placer gold raw materials. CGCZ is a Joint Venture between Karma mining 55% and ZCCMIH 45%.

Karma Mining was registered in 2018 and is owned by Sudanese.

Array Metals Zambia will hold 35% in the project with CGCZ holding the remaining 65%. The partners have set an initial production target of 3 tonnes within the next two years, worth approximately US$150 million at current prices.

What does this mean?
This bascally means that bank of Zambia will buy our gold from this new company formed.

This means that at the end of the transaction ZCCM-IH will only own 45% of the 65% Which translates to less than a third of the profits 29.4%. The Zambians through their government will only own 17% of shareholding in ZCCM IH (17% of 29.4) will give us about 4.9%

Why must we fight?
It’s defeats the whole purpose if we will be getting 17% (4.9% to Zambians) for agurement sake. when we can get even above 80% going to Zambians . Bank of Zambia will be paying for our gold to forigeners defeating the whole purpose of externalisation of capital . If we Google the owners of these companies are of questionable character even on the internation scene. They are using our idea to formalise gold mining and they still get the largest share using their minions and uncle Tom’s who are not patriotic. We are giving away our gold for free.

If over 60% is not going to Zambians no amount of academic language will convince me. You can come up with all manner of formulas and workable solution if it’s does not amount to Zambians getting over 60% ..You can get lost with your education.

Zambians wake up Economic Freedom now. It is such dull decision that make us poor, they have come hiding in shareholding structures layer after layer.

Complied by Nkonkomalimba Kapumpe
Reference: Mining Magazine,bank of Zambia Zambia reports and Zambia citizens

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