MWANANJITI FEARS IRH MONOPOLY

By Adrian Mwanza

THERE is need a for Zambians to safeguard against monopoly in the proposed purchase of shares of Konkola Copper Mines (KCM) by IRH the new owners of Mopani Copper Mines, Lusaka Business Association chairperson Ngande Mwananjiti has said.

Mr. Mwananjiti said there was a need to stop the monopoly because IRH would become too big, making it difficult for other firms to grow.

He said that there was nothing wrong with Mopani trying to expand but that it would be bad for business in the country.

“If this deal goes through, there is going to be a monopoly despite Mopani having the right to expand its business,” he said.

He said Zambians would support the deal if it made good economic sense but that there was a need to look at all the intricacies.

He also challenged mining firms to ensure that they embarked on fulfilling their Corporate Social Responsibility (CSR) agenda.

He said that it was only right for them to give back to the communities they were conducting their businesses.

“I want to challenge the huge mining firms to ensure that they give back to the society as a Social Corporate Responsibility,” he said.

Mopani Copper Mine equity partner (IRH) has offered to buy 51 percent shares in KCM at US$1 Billion from Vedanta.