first quantum minerals FM on TSE Message Board

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Gold/Mining/Energy : first quantum minerals FM on TSE

FM 27.19

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Jan 8 4:00 PM EST

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To: Stephen O who wrote (291)	2/21/2000 12:45:00 PM
From: Stephen O	Read Replies (1) of 385

Opinion piece from Times of Zambia 19th Feb 2000 Opinion IT is almost the end of the nightmare: The sale of the Zambia Consolidated Copper Mines (ZCCM). We are ecstatic at the news of the final sale to First Quantum Minerals and Glencore International AG. of Nkana and Mufulira divisions which were successfully concluded in Lusaka yesterday. The signing is a big challenge to Anglo-American Corporation. Zambians felt it could be less arduous with Anglo having been the pioneers of mining in this country. However, the nation understands their apprehension. The nationalisation of their assets by the former regime arguably still rankle in the conglomerate. But we feel that the MMD Government has done enough to assure the multi-national that there would be no reversal in the sale. The Government has gone the whole hog in assenting to their demands some of which could be regarded as blatant blackmail. The tax concessions being worked out is second to none in the region. Therefore after yesterday's grand occasion we must anticipate a fair game and no further obstacles from Anglo in snapping up the remaining divisions of Nchanga, Konkola, Nampundwe and Konkola Deep. First Quantum and Glencore have shown their seriousness and intention to do business in Zambia. They barely announced the offer of purchase on December 21, last year, sign the heads of agreement (HOA) and a month in between, make good their word. We cannot therefore doubt the First Quantum chairman Clive Newall's word that Zambia was bound to attract more investment from Canada. It is a business language that this country wants desperately. Equally we share the optimism and sincere expectation with the Finance Minister Dr Katele Kalumba. That this successful completion will lead to major developments in the mining industry and the economy in general cannot be doubted. The donors must now fulfil their pledges. They have fronted the sale of ZCCM in withholding funding to Zambia. This excuse has fast thinned. There should be no more excuses. Zambia has been treated unfairly in the past even when the delay was caused by the buyers. You strike the iron while it is still hot. We feel the same advice should be given to the unions. The mines are now in private hands, driven by a profit motive. Unions must continue to fight for workers rights. But we pray that they must adapt to the changed situation and employ new methods devoid of threats. Those confrontational and antagonistic styles of negotiations which make it difficult for employers to manage must be discarded. The relationship must be one that will attract more investors than repel them. Demands must be equated with production. The same is expected from the employers. While we don't envisage a serious rift knowing the new owners are coming from countries which appreciate labour and reward accordingly, we have experienced cruel investors. Finally, we congratulate all parties that have successfully worked to harmonise this nightmare.

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