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Scott: KCM Still Viable
Vice President Guy Scott says Konkola Copper Mines still remains viable as long as its disputes such as tax rebates and electricity prices are resolved.
Dr Scott told Parliament today during the Vice President’s question time in response to a question by Bwacha Member of Parliament Sydney Mushanga who wanted to know what the futures holds for KCM following recent happenings at the mining giant.
Dr Scott says government’s view is that Konkola Copper Mines needs a fresh capital injection.
He says this is the conclusion that has been arrived at by advisors, experts and consultants at the Ministry of Mines.
Dr Scott says government has put it to Vedanta Resources the majority shareholder in KCM that they needed to bring in more capital to recapitalize the mine, but that Vedanta has also responded that if it is to put in more capital ZCCM-IH as a shareholder in the mining company will have to do the same.
KCM is currently embroiled in a dispute over a $44 million electricity bill with the Copperbelt Energy Corporation which has resulted in power supply to the mine being restricted thereby paralyzing operations.
Posted by Editor
on September 27, 2014. Filed under LATEST NEWS.
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Quest
September 27, 2014 at 5:08 pm
These caps havent met the capital investment pledges the got in the first place. Why should GRZ thru ZCCM-IH be be nmade to cover up their shortcomings? Silly VP!
Quest
September 27, 2014 at 6:09 pm
Has KCM ever declared a dividend to ZCCM – IH? The indian chaps pledged investments worth billions in order to buy that firm which had 60m usd in its accounts for 25m usd on nkongole under MMD’s LPM. None of this investment has been fufilled, Now money ZCCM IH has earned from FQM kansanshi must be poured into these crooks’ cesspool that the indians have made of KCM. Scott and Yaluma must be FIRED! THEY ARE NOT PATRIOTIC & ARE BEAHAVING LIKE KCM’s SPIN DOCTORS. SHAA!
krem-j
September 27, 2014 at 9:06 pm
Why is it that it is KCM in the media,plz PF find the solution to this.
Emmanuel Mpundu
September 28, 2014 at 6:48 am
why can’t the GRZ nationalise the mine to solve these issues about Kcm???more over it produces quiet a gud and huge amounts of tones of copper…luk @ c/bombwe,,Kcm hasn’t bult houses for it’s workers…u find a kcm working renting a ka small quater paying k1000..dnt jst talk about the mine but for the living starndands and salaries as well..thnk u