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Tuesday, 4 March 2014

Zambia to re-capitalise copper mines

LUSAKA: President Michael Sata of Zambia says his government will re-capitalise the Zambia consolidated copper mines, zccm Investment Holdings. His Facebook message says the state will inject some 275-million kwacha (55-million us dollars) into the firm, with a view to enhance value addition in the gemstone mining sub-sector. President Sata says the government wants value addition through cutting and polishing in the gemstone sub-sector, in line with the ruling Patriotic front, PF Manifesto. He says his administration is determined to extract huge benefits for the Zambian people from the country's rich natural resources.

President Sata also says the developments in the gemstone sub-sector are just some of the things he insisted on doing when he became Head of State. He says value addition in gemstones and other minerals was part of the PF campaign promises, which some pessimists doubted at the time.

Mr. Sata also says the doubters have, however, been proved wrong because Zambia has started auctioning gemstones locally, which is all a result of his bold decisions. Last year, Zambia managed to hold three auction sales of gemstones from Kagem Mines; and more than six-million-800-thousand carats of gemstones were sold for a total of 63-Million-100-Thousand dollars.
-Saba News

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