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?

 

HERE IS THE FAKE COMPANY THAT PF HAS REGISTERED TO STEAL GOLD

* 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

Share this post

COMMENTS

WORDPRESS: 9
  • comment-avatar
    Japhet 6 days ago

    We need to be kick out these thugs…..bakabwalala.Ati humble leader.Ecl is not humble.being quite doesn’t mean you are humble,but action matters.let us stand together and kick out impulumushi ishi.

  • comment-avatar

    If you see this Mr president I’m a youth age 20 im not here to criticise but voice out my opinion,I’m not completely knowledgeable but I’ve learnt that gold is a pure element, it isn’t like copper which is an ore that needs heavy machinery for extraction and all you can find it the way it is in the ground I don’t think it needs foreign investors and Concerning shares, will be great to divid this projects shares in shares as low as 50k make them public announcing on znbc all media platforms and give a minimum of shares a person can buy in the first round , if they is still more shares left, a second round can be made where shares worth 100k can be sold with an increased minimum of shares one can buy until every Zambian has something in the long run their shares can grow, something like this means everyone can benefit the rich poor,

  • comment-avatar
    grandnez 2 weeks ago

    ECL surely doesn’t have the singular capacity to make these executive decisions. There are only 24 hours in a day. So how can he be the only person castigated? Explain this

    • comment-avatar
      Felix 1 week ago

      Bushe we muntu with 5senses at govt level, zda, ministry of mines, finance, commerce, energy how can you allow such adulteration of Zambian wealthy? What mining is in Sudan compared to the mining expertise thay has been in Zambia dating way back 1919? How can Sudan morally be allowed to do any mining in Zambia.
      Where has my country gone wrong and when shall she admit the wrong and seek help?
      The answer is simple Zambians let’s stop pretending and remove pf from governing this country. Since cadres of pf see ECL as god and does not want change their leadership, shall we then venture into another marriage.

      HH please this time in your political ambition, you have the brilliance of Messi’s brain and strong legs like 2 Ronaldos (Brazilain n portuguese) with both goal posts unmanned hence all the average Zambians are telling you is that score in either post and stop asking us which one. These is plain victory but requires you to use wisdom beyond simple ordinary.

      For the younger generation, I ask you to quickly engage HH a d discuss the way you want not wish HH to conduct himself now and beyond 2021.
      Hh wake up please, begin interacting with youths through any means.
      God grant HH wisdom to see things correctly and not in the upnd manifesto

  • comment-avatar
    Chilyata 2 weeks ago

    That Mabvuto Chipata is clueless and doesn’t even know what he is doing! In fact that is why they put him there because Lungu knows he can control him totally.
    With Lungu, looting continues after all he wouldn’t have reduced a small bit of his salary if he had staked his eyes on Gold! Even a dull chap like ECL can be stealing openly when docile Zambians are watching!

  • comment-avatar
    Thieves!Out 2 weeks ago

    NO BILL 10 AT ANY COST. WE DO NOT WANT THIEVES TO CONTINUE IN PUBLIC OFFICE…NO MORE PILFERING OF ZAMBIA..

  • comment-avatar

    Why can’t people responsible for mining do the right thing kashi,Baka teka,we are feud up of you being caught offside,we are on your side but wrong choices hates us as well.How can a Sudanese company have 49% of shares when we are in poverty as a country.Please let the people creating that mess be cleaned up.Learn from KCM and Vendeta,the Kagam emerldes who benefits.I am tired Ba Mabvuto Chipata as CEO do the right thing.

  • comment-avatar
    FedUp 2 weeks ago

    Viva PF!!! Vikawala voyendelela. Only problem is they’re leaving a paper trail in all their crimes.The day of reckoning is coming. Zambians stand up and be counted. This is why I refuse to accept this nonsens talk of people saying, “we fought for independence”. We did not fight for shit.The country was handed to us knowing that we would fail to run it.

  • comment-avatar
    We need transparency & accountability 2 weeks ago

    Looters no shame of being transparent & accountable !!! Yaba ba PF