‘KCM has failed, surviving on borrowed money’

Dear Editor,


KCM are masters of deceipt.  They are now promising 600 new jobs in Chingola because of the government stance on them replacing U&M with an Indian company. These jobs wont come!

President Sata must take over KCM before this country loses more money.  Here are my reasons.
1.  Vedanta never really paid for KCM.  The previous government allowed them to deposit part of the purchase price for KCM into an existing KCM bank account which they then took over on buying the company.  How logical is that?  They pay money into an account and they come in and take over the same account and start operating the company with government money.  Carry out an investigation and you will prove me right.  They took over even stocks of copper in Dar and London which the government should rightly have claimed as it was produced before they bought the company.
2.  It is the only company in the mining sector that has their own foreign people for all the menial labour jobs.  They use a local Immigration company in Lusaka called Maka to get their work permits.  The local MPs know this and some of the foreign labourers live next to their homes!
3.  The company is headed for closure and currently KCM is borrowing from one bank to pay back another bank literally every day.  The company performed much better even when Zambians under Jordan Soko ran it for one year production and morale wise.
4.  Zambian Managers and Directors have no say and even junior foreign Managers overrule decisions made by Zambian managers. Zambian Mining professionals can turn around this company with minimum investment.
5.  They have a cosmetic approach to Corporate Social Responsibility.  Look at the roads they have done.  Most of those are the ones going to their own institutions.  Look at the roads Mopani did.  They benefit the community.
King Cobra take over KCM before they lose you support on the Copperbelt.  They are cleverly using Dr. Kaunda to get closer to you.  Its a pity your MPs dont tell you the truth because they know it and we tell them!
Author’s name withheld

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