Latest News and breaking from Zambia » Lusaka : Zambia is a country landlocked located in south-central Africa. The PL and KCM Management will not be distracted by these falsehoods and will ensure they together continue to work towards a positive outcome of the liquidation process. The Mast | July 26, 2019. Economy Vedanta Resource releases latest statement on KCM. “The Provisional Liquidator calls on all employees, KCM business partners and concerned stakeholders to support a smooth transition following the operationalization of the two companies for the benefit of the employees, other stakeholders and the Zambian economy. He said Zambia needs to look at KCM’s shareholding structure, conditions and agreements to preserve its right to its resources. Zambia… KCM SmelterCo Limited or Konkola Mineral Resources Limited. The government plans to introduce a new … The imported concentrates are required for smelter and blending operations. This is not the first time that such false allegations of impropriety have been made as can be proved from some of the headlines highlighted below: Agarwal, on a two-day visit to Zambia, where he has attended the India-Zambia Business forum, said Vedanta was fully committed to supporting KCM’s plans. This means that the employees for the third party companies will be retained by their employers because there will be no material changes made that could alter the existing contracts, apart from the novation of the commercial Contracts from KCM Plc to Konkola Mineral Resources Limited and/or KCM SmelterCo Limited,” he said. Konkola Copper Mines (KCM) has been reorganised and restructured into two subsidiary companies effective February 1, 2021 in a bid to increase efficiency, foster optimization and boost business opportunities. In an update on legal proceedings in which Vedanta is hoping to regain control of KCM, in which it has a 79.4% stake, the group cautioned potential buyers of the company’s mines that they might […] Just look... Zambia’s International credit rating to fall further, Kawambwa Cooperative union officials loot funds, Chilufya’s ministry fails to account for money again. He added that all employees directly working for Konkola Copper Mines will be offered new contracts of employment in either of the two new companies. In a statement responding to "rumours" that a Zambia government-appointed provisional liquidator is set to split KCM into two units and sell them, Vedanta said it would take "all necessary steps" to safeguard its interests in KCM. Speaking during a briefing in Chingola, KCM Acting Chief Executive Officer Enock Mponda said KCM will be split into two companies, namely KCM SmelterCo Limited, and Konkola Mineral Resources Limited. Latest Annual Report Extracts; Latest News; ... KCM is Zambia’s largest integrated copper producer, with an entire production value chain comprising of open pit and underground mines, concentrators, a state-of-the-art smelter, a tailings leach plant and a refinery. CHINGOLA, 29th September 2020: The Provisional Liquidator (PL) of Konkola Copper Mines (KCM), Milingo Lungu, wishes to categorically refute a story published in the News Diggers newspaper of Monday, 28th September 2020 in which it alleged actions of impropriety by the PL at the company. 1. Betpawa | June 26, 2019. No one should lie that KCM is more viable now than before or that it’s making more profit now than before. ZAMBIA has appointed a legal firm to act as provisional liquidator of Konkola Copper Mines (KCM), the assets owned by Indian firm, Vedanta.. Lungu Remains Commander-In-Chief – Cabinet Chief, Lawyer Reports Hichilema, GBM To International Court For Crimes Against Humanity, Hichilema Offers 10 Point Plan To Fix Zambia, ConCourt Adjourns Presidential Petition To Tuesday, Today’s Photo: PEACE; Pres. Lungu Flashes A Peace Signal, LATEST OFFICIAL ECZ RESULTS: UPND Maintains Lead By 3, 430; Hichilema 514, 816 Vs Edgar Lungu 511, 386, Hichilema Wins Another Day In Court; No Verdict As ConCourt Adjourns To Monday, LATEST ECZ OFFICIAL RESULTS: PF Leads By 70, 571; Edgar Lungu 1, 454, 165 Hichilema 1, 383,594, Cartel Takes Over LAZ; M’membe & Nchito Allegedly Calling Shots. The Provisional Liquidator has noted a systematic and consistent fabrication of stories against the company by the News Diggers, whose intention is to create falsehoods that there is failure in the managing the company. CHOMBA MUSIKA, Lusaka ZAMBIA Consolidated Copper Mines – Investment Holdings (ZCCM … “All contracts for Contractors and Suppliers having existing contracts with KCM will be transferred to the two separate companies, which will be responsible for honouring and executing conditions and terms of those contracts starting from the effective date. The employees, who are currently working for KCM, will all be paid severance packages in agreed form to ensure that all old Liabilities are cleared, and reengaged seamlessly by the two separate Companies, with no job losses,” he said. Zambia has said it is looking for new owners for KCM and speculation is strong that China, Zambia’s biggest creditor, is the most likely buyer. The people of Zambia must know that KCM has no cash flow at the moment and is relying on government resources to pay the over 13,000 employees. The arbitration process between Vedanta and ZCCM-IH is ongoing. Zambian Watchdog is an online news service that provides independent breaking news on and about Zambia. All Rights Reserved. And KCM assistant provisional liquidator, Mr Kutawa Chamunda stated that Konkola Copper Mines (KCM) is aggrieved by judge Phiri’s decision. 2. JOHANNESBURG (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. According to the global miner’s latest preliminary market report released this weekend, KCM recorded a slump of 19.2 per cent … Latest News Kitwe Boy With Enormous Manhood Sues Parents | HE BROKE MY HEART IN 1000 PIECES.” ... general news. Speaking during a briefing in Chingola, KCM … KCM SmelterCo Limited has been in existence since 2002 and fully owned by KCM but has been dormant. Vedanta pledges $700 million to the growth of Konkola Copper Mines, Zambia 12 Apr, 2018, 09.57 PM IST. ... LATEST NEWS . Vedanta is committed to significantly improving the investment outlook of KCM by returning and investing in its long-term future. Mr Nyangu said despite all the incentives that the mines have been given, their contribution to the country’s gross domestic product (GDP) is still low at 10 percent. IT HASN’T BEEN EASY… but I believed in myself – Iris. Vedanta’s Chairman outlined his 50-year vision for mining in the Copperbelt and his plans for investing another $1billion for the next phase of … Latest news FOCUS: KCM liquidation order - what is at stake, what will happen to Zambian copper industry? “i.e. CHINGOLA, 29th September 2020: The Provisional Liquidator (PL) of Konkola Copper Mines (KCM), Milingo Lungu, wishes to categorically refute a story published in the News Diggers newspaper of Monday, 28th September 2020 in which it alleged actions of impropriety by the PL at the company. 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