A total of eight mining joint ventures did not remit dividends to the Zambian government between 2003 and 2005 despite huge profits, local press reported on Saturday.

According to a special report by Zambia's top auditor Anna Chifungula, the firms that defaulted on dividends declaration are: KonKola Copper Mines (KCM), Mopani Copper Mines (MCM), NFC Africa Mining, Chambeshi and Chibuluma Mines, Cyprus Amax Kansanshi, RAMCOZ and AHC Mining Municipal Services, Daily Mail reported.

The Zambia government owns shares in the eight miners through the Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH), which derives its income from its subsidiaries and associated companies as well as from sales of cobalt/copper.

Source: Xinhua