SOCIALIST PARTY LEADER DR. FRED M’MEMBE DEMANDS EQUITABLE DISTRIBUTION OF MINING PROFITS IN ZAMBIA

SOCIALIST PARTY LEADER DR. FRED M’MEMBE DEMANDS EQUITABLE DISTRIBUTION OF MINING PROFITS IN ZAMBIA

Socialist Party President Dr. Fred M’membe has criticized the current state of Zambia’s mining sector, accusing foreign mining companies of exploiting the country’s resources while leaving little benefit for Zambians.

Speaking on the need for a more equitable distribution of wealth generated from mining, Dr. M’membe highlighted the longstanding issue of mineral wealth extraction and the lack of substantial financial returns for the country.

“They have been taking our copper and other minerals out, and they have also been taking the money out. They have left pollution behind,” Dr. M’membe stated.

He argued that while minerals are being extracted, the financial benefits should also remain within Zambia, suggesting a 50-50 sharing model to alleviate poverty.

Dr. M’membe pointed out that since the 1920s, Zambia’s economic struggles have been exacerbated by the continuous outflow of wealth.

“We are poor because they have been taking everything. What we are saying is, leave something for our people,” he said, emphasizing the need for Zambians to be meaningfully involved in the mining industry.

He also criticized the disorganized state of small-scale mining, including gold mining, which he described as rife with “stealing” and “smuggling.”

Dr. M’membe called for the sector to be properly organized and supported by the government to ensure that the profits generated stay within the country.

“If our people were involved in mining in a meaningful way, and if the money generated by both small-scale and large-scale mining stayed in Zambia, we would have billions in the bank,” Dr. M’membe argued.

He stressed that having this money in local banks would stimulate the economy by providing funds for local businesses, thereby supporting broader economic development.

He underscored the need for a restructured economy that ensures the wealth generated from mining benefits all Zambians, not just a select few.