This week's issues
| Zambia: Kabwe zinc mine due to re-open |
 |
| Written by CYNTHIA MWALE |
| Thursday, 02 July 2009 08:46 |
|
GOVERNMENT says it has almost completed negotiations with Alberg Mining and Exploration to finally take-over Kabwe Zinc Mine from Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH). Minister of Mines and Minerals Development, Maxwell Mwale said in an interview in Lusaka that the two parties have finalised almost 70 per cent of the outstanding issues. Mr Mwale said negotiations were likely to be concluded within a month to allow Alberg Mining take over the mine. “We have done about 70 per cent work and what is remaining is feedback from authorities. There are only a few technicalities which have to be concluded,” he said. When contacted on the delays to start operations, Alberg Mining and Mineral exploration director, Albert Chalwa said the firm had done its part and what was remaining was for ZCCM-IH to sign the term-sheet arising from the agreement. The term-sheet is a guideline on how the two parties will proceed on the sale of assets. Mr Chalwa said that they had provided their due diligence which included putting an environmental management programme in place to pave way for the conclusion. “We signed the terms sheet on February 9, so we are just waiting for ZCCM-IH to conclude the agreement,” he said. ZCCM-IH acting chief executive officer, William Musama, however, was reported out of the office. In 2007, controversy erupted over ownership of the closed Kabwe lead and zinc mine when two foreign investors, Alberg and Leopard Exploration and Mining claimed ownership of the same mine. Another local firm, Ringo Investment Limited alleged that Leopard Exploration had encroached on its area. However, a court ruling, ultimately granted Alberg Mining ownership of the mine. But government, through the Ministry of Mines and Mineral Development indicated that any investor who would re-open the mine had to take into consideration the environmental liabilities. Zambia Daily Mail |
Weather from Harare - Mostly Cloudy
24°C
Wind: 16 kph E
Humidity: 61%
Sunrise: 5:58 am
Sunset: 6:10 pm
Mon - Showers
Hi: 27°C
Low: 18°C
Low: 18°C
Tue - Scattered Thunderstorms
Hi: 27°C
Low: 18°C
Low: 18°C
Register for YourZim... To be able to submit your own news stories, comment on articles, discuss in the forum and meet new friends on The Zimbabwean website!
Stories, comments & suggestions...If you have a news story you would like us to cover, would like to give feed back, or have any questions about The Zimbabwean then please email the editor.
Want to stand out...Why not consider advertising with The Zimbabwean, for more information please see here or email:.