2020

Konkola Copper Mines (KCM) is to be reorganised and restructured into two subsidiary companies effective February 1, 2021.


Like the Watchdog reported a few months ago, the two units will eventually be sold to PF tender thieves. And this will be done before elections. We wish to advise our colleague Milingo that this move will land him in jail in due course. The PF will use and dump you.


VEDANTA Resources Holdings Limited and its parent company, Vedanta Resources Limited, have warned KCM provisional liquidator Milingo Lungu against splitting the mine business into two separate units.


JOHANNESBURG, Dec 10 (Reuters) - Indian-based metals and mining group Vedanta Resources said on Thursday it will fight any attempt by the Zambian government to sell its Konkola Copper Mines (KCM) business to third parties.


MINES and Minerals Development Minister Richard Musukwa says at the moment, the proposed date for the arbitration process between ZCCM-IH and Vedanta to begin is in November 2021.


GREEN Party president Peter Sinkamba says government and ZCCM-IH should allow the arbitration of Konkola Copper Mine KCM to proceed without disturbances.


LUSAKA (Reuters) - A Zambian court on Friday ordered a halt to liquidation proceedings for Konkola Copper Mines (KCM) to allow owners Vedanta and ZCCM-IH to proceed to arbitration, the provisional liquidator said in a statement.


Zambia’s plan to sell the copper mines it seized last year from billionaire Anil Agarwal’s Vedanta Resources Ltd. is bogged down in legal challenges that are discouraging buyers.


STAKEHOLDERS have reiterated calls that government removes the non-deductibility of Mineral Royalty Tax (MRT) payments, which result in double-taxation on mining companies to help encourage investment in the sector and revive Zambia’s economic growth.


FORMER State House chief policy analyst, Jack Kalala has prodded President Edgar Lungu to immediately revoke the appointment of Milingo Lungu as Konkola Copper Mines Liquidator following revelations that he abused his authority by paying US$1.6 million to a company in which he has personal interest.


Konkola Copper Mines (KCM) Provisional Liquidator Milingo Lungu says not all debt owed KCM to the stakeholders has been paid off.


“I feel your pain,” said Edgar Lungu in a televised address on April 24th. The president of Zambia claimed that covid-19 had “thrown into disarray” the country’s finances. He mused about whether the government could afford to pay for pensions, civil-service salaries and medicine. “Where will the money come from?”


Zambia’s position in the latest Fraser Index has plummeted. The country’s placing in the index, which measures how a country is seen as a mining investment destination, has fallen from 30 to 58 – a very big drop.


Diversified miner Vedanta Resources Holdings has advised that it, and its parent company Vedanta Resources Limited, will this year continue to pursue their rights in respect of the Konkola Copper Mines (KCM), in Zambia, in which the company holds a 79.4% interest.

THE provisional liquidator managing Konkola Copper Mines (KCM) was continuing to seek opportunities to sell the assets, said Vedanta Resources.