By JOHN SAKALA
Democratic Party (DP) President Gift Kalumba says Zambia has 270, 000 metric tons of cobalt deposits which the country is failing to account for.
Mr Kalumba said cobalt is selling at US$90,999.99 (K909, 999.90) per metric ton while copper is selling at USD$ 6,838.08 (K68, 380.80) per metric ton.
He said difference between the price of copper and cobalt is K842, 419.10, making one wonder whether Zambian Government is serious with investment.
Mr Kalumba said Zambia and the Democratic Republic of the Congo (DRC), accounts for most of the global cobalt production.
He said the foreign mining investors are reported to be mining the commodity and hiding it in other metals to cheat Government.
“If Zambia can account for its cobalt production, we cannot be as poor as we are right now. We are busy borrowing to consume, instead of borrowing to invest in the mining and process of cobalt which is 13 times higher than copper.
“Let’s borrow ideas and implement them and not money. That is the reason why we are a breastfed country that has no exports apart from imports. We even import Chinese to come and make blocks in Zambia,” he said.
Mr Kalumba said Zambian contractors are given 20% of all the major contracts, the 20% means only working on drainage and pavement only.
“When will our local construction firm gain experience to embark on mega projects?” he said.
