KCM Denies Allegations Of Cobalt Export Scam

KCM Denies Allegations Of Cobalt Export Scam

CHINGOLA, 4 September 2018: Konkola Copper Mines (KCM) has noted the article on “alleged cobalt scam” reported in the Daily Mail of 4 September 2018 with great concern. The company unequivocally refutes the unfounded and mischievous allegations.

Even a cursory review of the company’s website indicates that cobalt is an important by-product at KCM, and the company has appealed to the Daily Mail to correct this misleading article in the interests of responsible journalism and the public interest.

KCM is fully compliant with both mining and treasury regulations in Zambia. Tianjin Maolian Science and Technology Company is an established and long-term customer of KCM. It is therefore entirely correct that this product should be found on that company’s premises.

The Government of the Republic of Zambia is fully aware of KCM’s production and export levels as detailed in its returns to government and payment of the relevant taxes. It should be further noted that the ZCCM-IH holds a 20% interest in the company (The Company’s majority shareholder is the Industrial Development Corporation Ltd (IDC), an investment company wholly owned by the Zambian Government and the rest of the shareholders include institutions and private shareholders spread across the world), and 50% of KCM directors are independent directors. Directors of the company have full and unfettered access to production and financial information.

Eugene Chungu, Mr.

General Manager Corporate Affairs