Friday, January 11, 2013

Over 600 lose jobs at KCM

COMMENT - So much for the 'they will bring jobs' brigade. I have always stated the bleeding obvious, even when the paid MMD shills were advocating the idea that we don't need to be paid taxes or dividends on our own copper, because the mining companies 'will bring jobs'. Foreign investors are not here to 'bring jobs', they are here to maximize returns to shareholders (maximize price, minimize costs), through dividend payments or the shareprice itself. So unless you are a shareholder and don't get cheated, you don't benefit from foreign ownership of the mines at all. All the present activity is floating on top of record high copper prices.

Over 600 lose jobs at KCM
By Darious Kapembwa in Kitwe
Fri 11 Jan. 2013, 14:00 CAT

OVER 600 miners have lost jobs after Konkola Copper Mines refused to renew U&M's contract, one of the largest companies contracted by the mine.

KCM public relations manager Joy Sata announced in a press statement that U&M's contract expired on December 31, 2012 and the terms have not been agreed for renewal of the contract.

"KCM is committed to all the projects that it has undertaken in order to expand and increase the life of the mine at Nchanga and Konkola. It is common knowledge that KCM operates two open pit mines in Nchanga, and one of them, Chingola open pit F and D, is mined by a contractor, U&M Mining services of Brazil..." read the statement in part.

"During the demobilisation period, KCM expects a gap as management explores options of operating the pit. However, employees under U&M working at COP F&D will be given priority for engagement once the pity is operational," Sata stated.

The company employed over 600 workers in various categories of the industry.

Mineworkers Union of Zambia president Chishimba Nkole said his union needs to liaise with the mining company before issuing a comprehensive statement regarding the loss of jobs.

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