President Edgar Lungu says the Executive has made a final decision to take over Konkola Copper Mines because the mine has made too many empty promises of investing billions of dollars.
President Lungu said government lawyers, led by Attorney General Likando Kalaluka will soon institute legal proceedings to actualize the takeover so that another investor can come on board.
According to the Zambia National Broadcasting Corporation, President Lungu was speaking after meeting mine unions, suppliers and contractors as well as the Zambia Chamber of Mines in Ndola yesterday.
President Lungu assured the nation that it was a legal takeover and not a hostile one.
He said government would ensure that all provisions of the agreement with KCM were respected.
President Lungu said there was no need to negotiate with KCM because its parent company, Vedanta, had been lying to him about investing millions of dollars in the mines.
He said other investors were ready to take over KCM and government would no longer tolerate lying from the mining giant.
President Lungu warned that Mopani Copper Mines would be next if it did not change the way it treats its workers and the way it conducts business.