Zambian President Levy Mwanawasa said on Thursday mining giant Anglo American Plc had offered his government $30-million to offset its withdrawal from troubled Konkola Copper Mines (KCM).
”Anglo have offered us $30-million and they say we should not complain because they can take even that away from us,” Mwanawasa told reporters at an annual African economic forum.
Anglo said in January it would pull out of KCM, majority owned by its subsidiary Zambia Copper Investments, citing low global metal prices. KCM accounts for 67% of Zambia’s total metals production.
Zambia had asked for $200-million, but Mwanawasa said the initial agreement with Anglo did not include exit payments.
”We had asked for $200-million to take care of environment and other obligations, but they took advantage of a loophole in the initial agreement to shoot us down,” he said. – Reuters