Sinkamba against ZCCM’s decision to engage Rothschild

Green Party Leader Peter Sinkamba has opposed the recent decision by the Zambia Consolidated Copper Mines Limited – Investments Holdings-ZCCM Investments Holding plc to engage a globally renowned Investment Bank, Rothschild and Company south africa ltd to assist with the strategic review of Mopani Copper Mines Plc.

Mr Sinkamba has charged that whatever advice Rothschild, gives will not bring or generate the requisite money to pump into the operations to scale up production at Mopani Copper Mines plc.

The opposition  says it is well known that that the problem at Mopani is the lack of sufficient capitalization to operate optimally hence the best way to resolve this crisis is to find money to capitalize the company.

He says he expects Rothchild to unbundle Mopani and sell the Mufulira smelter and refinery for less than 300 million us dollars while the rest will fetch less than 200 us dollars and consultancy fees will be in the range of 20 million us dollars.

Mr . Sinkamba says after the sale, ZCCM-IH will receive no more than 500 us dollars million but still with a debt of 1.5 billion us dollars due to Glencore.