THE Mine Workers Union of Zambia (MUZ) and National Union of Miners and Allied Workers (NUMAW) have commended Konkola Copper Mines (KCM) for listing its shares on the London Stock Exchange.
MUZ president Rayford Mbulu said the listing of the shares on the London Stock Exchange is welcome as it will help empower many Zambians.
He said at Hotel Intercontinental yesterday in Lusaka that the decision by KCM to list its shares will provide an opportunity to every Zambian to be part of the ownership of the mining firm.
Mr Mbulu said miners will be given a lifetime opportunity to buy shares in the company.
He said it is important for mining firms to come up with schemes aimed at empowering Zambians.
“We would like to commend Konkola Copper Mines for listing its shares on the London Stock Exchange. We are pleased because the move will go a long way in empowering Zambians and our members (miners).They will have a chance of buying shares in the company.
“It is important that mining companies continue coming up with initiatives aimed at motivating their members,” Mr Mbulu said.
He said the move will allow members of the public to have a say in the daily operations of the mine, and called on Zambians to rally behind the mining firm in its quest to implement policies meant to enhance development in communities.
Mr Mbulu said KCM will now be obliged to publicise its operations, and the company has opened up for scrutiny.
“The company has now opened up to the public. It will be obliged to publicise its operations, and it will create a sense of ownership among its workers. Checks and balances will be there because the company has opened up to members of the public,” he said.
Mr Mbulu said KCM management has proved that it has got nothing to hide by offloading its shares on the market.
He said it is important for companies such as KCM to be transparent in the manner they conduct their business.
Mr Mbulu said the decision by KCM to offload its shares to the people is well-intended, and that several Zambians will benefit from the project.
NUMAW president Mundia Sikufele also said the move is welcome as it will give Zambians an opportunity to have a say in the running of the company.
He, however, said his union is still studying the situation, but hopes the intention of KCM to list its shares is meant to empower Zambians in different ways.
Securities and Exchange Commission (SEC) board chairman Muna Hantuba said the listing is an exciting opportunity for the Zambian capital market.
“This is a very good opportunity, and having dual listing with the LuSE is first class for the Zambian capital market,” he said.
Mr Hantuba said Government, through ZCCM-IH, has a fair representation which will in in-turn give money back, which can be re-directed to other investment opportunities and expenditure lines in social sectors for the benefit of the country.
He said the listing of Konkola Resources Plc is expected to attract a lot of institutional investors, individuals and corporations.
Lusaka Stock Exchange general manager Beatrice Nkanza said the listing of Konkola Resources on both London Stock Exchange and LuSE will boost the local stock market and create more visibility as more investors look at the local market differently.
“The listing will definitely be a boost because KCM is a global company, and for them to list at LuSE, they are a company worth something,” she said.
Mrs Nkanza said there is need to sensitise local investors on the benefits of them buying shares in Konkola Copper Mine as they extend their shares to Zambians on the local market.
She said it is encouraging to see a number of Zambian companies listing on the international stock market.
ZCCM-IH chairman Alfred Lungu said the intended public offering of KR is a welcome move to ZCCM-IH plc.
He said KCM is one of the major investments on the portfolio of ZCCM-IH and, therefore, the listing of its holding company will enhance ZCCM-IH’s value.
“We anticipate that the listing will greatly impact on KCM and accelerate development programmes to enable the company achieve its immediate targets of increasing production and reduce unit costs,” he said.
KCM advisory group representative Patrick Chisanga described the occasion as a proud moment.
Mr Chisanga said other companies must strive to reach such goals as they bring pride to stakeholders.
South African High Commissioner to Zambia Moses Chikane said the listing of KR on the London Stock Exchange is welcome not only in Zambia, but also in the region.
He said the mining sector in Zambia has created jobs and wealth for the people of Zambia.
Mr Chikane said, however, that he hopes that once Zambia diversifies its economy, other sectors will also be able to make such achievements.
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