Zambia takes on $1.5 billion debt to acquire loss-making mine, raising fears it could ultimately hand strategic asset to top creditor, China
Fellow Zambians, the reason the PF took over Konkola Copper Mines (KCM) was never to develop the mine. The PF took over the mine in order to MILK it of its available cash resources for campaigns.
MINES Minister Richard Musukwa says there has been mistrust between government and mining investors because they have not been coming to the table with “clean hands”.
FORMER Finance Minister Ng’andu Magande says government and investors should work on their relationship so that they can take advantage of the high copper prices.
KONKOLA Copper Mines Plc has closed its pension scheme for employees with immediate effect. The decision follows the splitting of KCM into two companies.
Konkola Copper Mines (KCM) has closed its pension scheme for employees with immediate effect following the splitting of the company.
Miners and Contractors in Chingola have continued protests against the corruption and poor management of the Konkola Copper Mine (KCM).
Zambia, which defaulted on payments to bondholders in November, is doubling down on debt with a high-stakes bet that nationalizing one of its biggest copper mines will help rescue its flailing economy.
All large scale mining companies in Zambia will effective June 2021 be required to pay all their tax obligations directly to the Bank of Zambia (BoZ) in US dollars.
THE Copperbelt Energy Corporation (CEC) suffered a reduction of 54 percent in profit in 2019 due to the US$153.1 million debt payment default by Konkola Copper Mine (KCM).
SKF Zambia has sued Konkola Copper Mines (in liquidation) demanding payment of US $305,063 for various specifically custom designed and manufactured inventory products which were ordered at its request.
THE Socialist Party has asked the government to pay Konkola Copper Mines workers rather than beating and arresting them.
Problems at KCM worsens.
Workers refuse to resume work. The local workers say the restructuring of KCM has not benefited local people but only those in management and their middle men.
Earlier in the day, workers employed by KCM contractors protesting at KCM headquarters.
Konkola Copper Mine (KCM) Contractors in Chingola today protested demanding for better conditions of service and job security.
VEDANTA Resources Holdings Limited has argued that Milingo Lungu, having been appointed by the Lusaka High Court as Konkola Copper Mines Provisional Liquidator, is still subject to supervision by the Court.
GOVERNMENT’s takeover of Mopani Copper Mines and Konkola Copper Mines will not increase the mining companies’ copper productivity because the move is politically-motivated and will deter the much-needed fresh capital to expand operations, says UPND chairman for economics Dr Situmbeko Musokotwane.
VEDANTA Resources Holdings Limited has asked the Lusaka High Court to give directions regarding the extent of Konkola Copper Mines’ (KCM) provisional liquidator Milingo Lungu’s powers in light of the Court of Appeal’s decision to stay the winding-up proceedings involving KCM and refer the dispute to arbitration.
VEDANTA Group chief executive officer Sunil Duggal says KCM remains an important asset to Vedanta and Zambia and today’s news of its split is both highly concerning and not in line with due legal process.
VEDANTA Resources has warned potential buyers of assets held in its 85%-owned Konkola Copper Mines (KCM) that any corporate activity would be “deemed inappropriate”, and that it would seek to protect its interests in Zambia and internationally.
THE Lusaka High Court has censured Konkola Copper Mines provisional liquidator Milingo Lungu for signing a consent order on behalf of Vedanta Resources Holdings limited and discontinued a matter against himself, Rephidim Mining and Technical Suppliers Limited, Mimbula Minerals and Moxico Resources Limited in a matter where they were sued by Vedanta and KCM for trespass.
Governance activist Brebner Changala says the Industrial Development Corporation needs to be overhauled to curtail the loss-making deals that the holding company has approved over the years.
VEDANTA Resources Holdings Limited and its parent company, Vedanta Resources Limited, say any plan by the provisional liquidator to split KCM business into two units before ultimately selling those units independently would result in substantial loss of revenue for the country.
FORMER commerce minister Bob Sichinga says Zambia is poised to lose out from the shareholding misunderstandings between Vedanta Resources Limited and government.
Political opportunism forces miner to ditch assets for a dollar and the repayment of $1.5bn of debt
LUSAKA High Court Judge Winnie Mwenda has granted three Vedanta Resources companies an ex-parte order of injunction restraining Konkola Copper Mines (KCM) Provisional Liquidator Milingo Lungu from undertaking any reorganisation of the mining company or transferring, disposing or selling of its assets, pending determination of the matter before her.
COURT of Appeal president justice Fulgency Chisanga has declined to discharge Milingo Lungu as the provisional liquidator of Konkola Copper Mines.
Is the splitting of Konkola Copper Mines (KCM) into two entities really being done in good faith?
LUSAKA (Reuters) - A Zambian court has ruled the state-appointed liquidator of Vedanta’s Konkola Copper Mines will not be discharged despite a November ruling ordering a halt to proceedings to allow Vedanta and minority KCM shareholder ZCCM-IH to pursue arbitration.
LUSAKA lawyer Mulambo Haimbe says he does not understand which law Konkola Copper Mine (KCM) provisional liquidator Milingo Lungu is using to split the company into two different entities.
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.