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Vol 43 No 12

Published 14th June 2002


Zambia

Cobalt crunch

This week, Finance Minister Emmanuel Kasonde receives the final audit report explaining how Zambia lost at least US$60 million in a cobalt marketing agreement with Bahamas-based Metal Resources Group in 1998-99. The audit criticises MRG's contract with state-owned Zambia Consolidated Copper Mines, asking why ZCCM officials agreed to such damaging terms. Kasonde will make recommendations to President Levy Mwanawasa: options include a police investigation of ZCCM officials linked to the contract, compensation claims against MRG and a wider investigation into beneficiaries of the deal.

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