Nawakwi said when the government sold the mines; the price of copper was hovering around US$2,900. She said when she argued that the price was too low; the buyers said it was uneconomical for anyone at that time to invest into the Zambian economy, saying that was why the mines were sold for a song. Nawakwi said the buyers projected that in their lifetime of 15-20 years, the price of copper would not go beyond US$3,000.
“That is how the story of windfall tax came in, ‘what would happen if their theory was proved to be wrong’? And all concerned said ‘let’s exploit the concept of sharing the profit unexpected at the time of the sale’,” Nawakwi said. “Truly it has come to pass that the dip in copper prices was temporary. The price of copper has grown by over 100 per cent. What is in it now is not the royalty because the royalty was fixed. You can increase it by 10 per cent, it is nothing compared to the opportunity cost of a Zambian not owning a mine.”
Edith Nawakwi once again defending her role in the selling of the mines. When is Hon Nawakwi going to apologise to the Zambian people for falling under the spell of IMF undergraduate economists? Her story has never made sense to me. She said exactly the same thing in 2007. My position has not changed. Everytime ordinary Zambians start fighting for greater mining revenue she appears from no where as a pro-poor champion. There's no Zambian finance minister who has done more to sell our people to the yoke of poverty than Edith Nawakwi. She has never come clean. Infact Nawakwi knew where all the Development Agreements were buried but she never said a word! It took academics to unleash the documents on the world. She needs to start every sentence on this issue, with "I am sorry for my incompetence when I was Finance Minister........"