Social Anthropologist Dr. James Musonda has expressed concerns over the recent shareholding changes in various companies in Zambia’s mining sector, citing potential implications for the industry’s sustainability and state control.
Dr. Musonda’s sentiments come in the wake of several high-profile transactions, including First Quantum Minerals’ consideration to sell a stake in its shares, Lubambe’s acquisition by Chinese investors, and Mopani Copper Mines coming under the ownership of International Resources Holdings-IRH- among other mines, as changes that may have significant effects on the mining trajectory.
He notes that shareholding and ownership influence investment decisions, operational practices, and social responsibility, hence the need for the state to have more control as opposed to leaving it to multinationals.
Dr. Musonda has since criticized the upnd administration’s embrace of capitalism labeling it as retrogressive, anti-poor, and outdated as it creates uncertainty, undermining government control while empowering investors.
He is of the view that nationalization is crucial to reclaim state power over the mines toward balancing foreign investment and national interests.
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