KCM Chief Executive Officer Steven Din
KCM Chief Executive Officer Steven Din
Konkola Copper Mines has assured that has no intentions of closing its Nchanga mine despite a sharp fall in copper prices on the international market.

KCM Chief Executive Officer Steven Din said the mining firm, majority owned by Vedanta Resources Plc is fully committed to the Zambian market.

Mr Din was speaking in Lusaka this morning during a news briefing.

‘Vedanta has invested US$3 billion in Konkola, is in fact Zambia’s single largest private investment and one of the largest employers in this country. Some people think KCM is closing, I can assure you that we are not, we have 16,000 people there, we produce 200,000 tonnes of copper, we move 20 million tonnes of material every year and it is a very vibrant mine to work,’ Mr Din said.

‘KCM has a rich and long history, some of you might be aware that production started in 1934 at Nchanga and in November 2004, Vedanta became majority shareholders with 51 shares but 2008, it increased its stake up to 79.4 and the balance is owned by ZCCM-IH, we have on our Board of Directors, representatives of ZCCM-IH,’ Mr Din said.

He said the investments by KCM into Nchanga Mines have extended its mine life from 10 to 30 years.

‘When Anglo American and ZCCM were running the mines, they were producing copper from ore grades of 5-6 percent but we are currently running at much lower grades but in those days, it didn’t make sense to be processing 1 or 2 percent copper because it was a lot more profitable to produce copper out of 5 or 6 percent, so there was a lot of copper in stockpiled material or refractory material and all those stock piled are in production and that is about 15 years of production, so Nchanga is not closing,’ Mr Din said.

Meanwhile, Mr Din has revealed that KCM is saving between 5 and 10 percent of its power after implementing a rigorous energy saving plan following the decision by Copperbelt Energy Corporation to cut power supplies by 30 percent.

‘Even before CEC announced a 30 percent cut in power supplies, we had started implementing our own usage rationing plan around July and we are now saving between 5 and 10 percent of power,’ he said.

And asked about the pending job losses at KCM, Mr Din refused to comment on the matter saying it would be unfair to do so as negotiations with Government and the mine unions over the issue are in progress.

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18 COMMENTS

  1. and there you have it…from the horse’s mouth…come back to us mr din on the jobs…thats more important

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    • Very competent statement from a knowledgeable fella. Not wild statements we’ve been receiving from the likes of Chakolwa Lungu, Kashimba Chimbwi, Amos Chanda etc…etc. where everyone is a govt spokesman.

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  2. Zambian government wants the mines back, REPOSSESSION. It doesn’t matter that you invested billions of dollars, in equipment which came in tax free.

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  3. It is good our brothers and sisters will not lose the jobs. what is painful is that Zambia is losing its copper resources and making only peanuts from the mines. I think the mines should run under a more beneficial model.

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  4. These chaps are crooks. They know for sure that the mines are still viable but want arm twist the government.

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  5. PF govt wants the mines back so they can loot and steal the profits for themselves and their families. Corrupt group of men.

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  6. What the CEO has analyzed regarding processing falling is not supported by any other analyst in the industry so stop fooling us, I totally agree with “The Induna” if corporate who have achieved return on their investment and profits are now declining they look for means and ways to pull out because of an opportunity elsewhere like Anglo-American did or want to close shop because of rising costs and falling of copper prices. ZCCM-HI has seen this coming being shareholders hence they made the right comment, “Any mine failing its ready to take over” once beaten twice shy. We learnt the lesson too well with MMD rushed privatization process

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  7. So if KCM are still in discussions regarding possible jobs cuts why was the story leaked to the devil Mmembe.
    KCM should come m clean on the matter and not use sweet nothings to obfuscate and mislead.
    Government should not accept jjob cuts.

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  8. These fake investors in the name of KCM are fearing to lose after hearing that the Govt is ready to take over mines that are not doing well and now they want to arm twist the Govt by fake assurances. To hell with them.

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  9. Stock pile! meaning we gonna be pickn and processing and not mining, sounds like they ar under pressure to refute post story, also what was reported was contractor’s jobs while kcm spares its work force,

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  10. These crooks were eyeing to open a mine in Aussie now after aussies scrutized them over the environmental issues of polution the chances for them to be given a mine here are now slimmer. That’s why they don’t want to lose kcm now.

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  11. so these guys are telling us that they are going to get the coper from the black mountains and not underground. In short they will reduce their work force.

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  12. You people think these people came to Zambia to employ you..really laughable. ..more jobs will go it’s part and parcel of running a business..this is not LAZY Lungu’s cabinet this is why windfall tax is better you all enjoy in boom times together and save funds for a rainy days like this.

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  13. MR DIN EVERY COMMODITIES ANALYST KNOWS THAT COPPER IS NOT EXPECTED TO REBOUND UNTIL AROUND 2022. YOUR OBLIGATION AS A BUSINESS ENTITY TO YOUR SHARE HOLDERS DICTATES THAT YOU MAKE THE MOST PROFITABLE DECISIONS. AS MUCH AS YOUR STATEMENT SERVES AS AN ATTEMPT TO INSTIL CONFIDENCE IN THE VARIOUS STAKE HOLDERS WE ARE ALSO COGNIZANT OF THE FACT THAT YOU WILL NOT BE ABLE TO SUSTAIN LONG TERM LOSES. EVEN YHE SO CALLED ZCCM-IH WHO MIGHT BE BRAGING OF HAVING THE ABILITY TO RUN THESE MINES FIRST OF DO NOT HAVE THE OPERATIONAL CAPITAL THAT VANDETA HAS AND SECONDLY THEY WOULD FOLD IN A COUPLE OF YEARS AT MOST. TRUTH IS COPPER IS NOT A PROFITABLE ENTERPRISE AND OUR ECONOMY NEEDS A NEW LIFE LINE. VANDETA IS BETTER OFF DROPING COPPER AND INVESTING IN ZAMBIAN TOURISM AND AGRICULTURE.

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  14. When Steven Din joined KCM as CEO my hopes were high. He is British, with a South African wife (Black Lovely Sister of mine), alas, he has been swayed by those stupiid Indians he found plus the few Zambian Executives that are good at nothing but misleading people.

    The mine is closing and this brother is lying.

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