KONKOLA Copper Mine (KCM) has gone back on its pledge on payment schedules ahead of the January 31,2017 supplier and contractor debt clearing deadline.
Last year in December, the mining giant reached a deadlock on the delay in paying money owed to local contractors and suppliers.
This prompted Government to intervene and an agreement was reached for KCM to settle all outstanding arrears by January month-end but by Tuesday this week, only about $2 million reflected to have been paid out of $18 million.
In a follow-up meeting with KCM management on Tuesday this week, Mines and Mineral Development Minister Christopher Yaluma told management to be honest.
This was after general manager-finance Manav Jain promised to process payments before the deadline while indicating that the company was sourcing money from the parent company.
In his rare tough-talk, Mr Yaluma said Government would not like KCM to close but would always demand honest business dealing from the investor.
“I will take it that nothing has been paid, you agreed to sort out the issue of debt by January month-end, I am not seeing that happening, I have given you two days in which to come up with a workable payment plan,” said the visibly displeased minister.
Mr Yaluma said he would like to see a win-win situation in the mining business.
“We would like you to succeed but please be honest with Government and the business community who do business with you,” he said.
But KCM chief operating officer Marc Munroe said the company has approached Vedanta for a bailout and that everything would get back to normal.
“We have dispatches to India to negotiate for a bailout package, our business is still viable. Representatives from our mother company visited our operations recently and indicated that KCM is a viable company worth reinvesting in,” Mr Monroe said.
He said the London case had also affected timely payments to contractors but that the issue would be sorted out.
Can we chase these Indians before the mines ground to a halt! Puliz…..
I said before that only an idyot would believe those Indians at KCM. These people are like PF, full of lies.
These guys are playing games. The WHOLE minister following an investor instead of just calling them to your office. Who is the boss?? The whole minister with team coming to the convinience of an invetor. Show your teeth to these guys.
what can you expect from a Zambian minister? Zambia must emulate DRC, in Congo Investors do not play tricks like this see how they chased FQM from Frontier mine
The probably owe his company money …he one of them!!
I have said it time and again that this Yaluma is not fit to be Minister of mines and mineral development. This riffraff has been oiled and that is why he is trotting to and from KCM week in week out. If he was revered these fake infestors would be the ones running to his office pleading for more time and not vise versa. It is no wonder Sata used to say his ministers were and are still useless. Imagine a minster who can’t repose the permit for this mine and her misfits even for a week and see how they react. They have the money, the problem is that someone has been bribed and now he is scared to act because they are also threatening to expose him. Nonsense.
They pay for his air ticket and lodging in Chingola. These guys at KCM are liars and they lie every time, actually non tells the truth. Why should they get money from the parent company now, who chews the money from copper sales?
KCM are fond of taking shortcuts and this more the reason they find themselves in this situation
GRZ has no morality to order any one in matters like paying of debt. Ask the road contractors and sub contractors. Its hell to work on a government funded project
WHY DOES IT TAKE SO LONG FOR THE GOVERNMENT TO ACT AND HELP THE POOR LOCAL CONTRACTORS. THE MINISTER PERHAPS HE’S FOLLOWING THESE INVESTORS TO GO AND RECEIVE SOME BRIBES. THIS IS NOT GOOD FOR THE COUNTRY, IT’S KILLING US. IF THESE INVESTORS CAN NOT ACT BY JANUARY 31 LET THE GOVERNMENT ACT, BY FIRST SACK THE MINISTER FIRST THEN THE INVESTOR.
Levy Patrick Mwanawasa and his legacy!!!