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Alba Iulia
Tuesday, July 14, 2020

KCM pays out $160 million to suppliers and Contractors

Economy KCM pays out $160 million to suppliers and Contractors

KCM Chief Executive Officer Steven Din
KCM Chief Executive Officer Steven Din
Konkola Copper Mines (KCM) has paid about 160 million United States dollars out of the 200 million United States dollars it owes its contractors and suppliers.

Association of Mine Contractors and Suppliers President Augustine Mubanga has disclosed that the mining giant has paid 70 percent of its debt and is expected to complete paying by February 15th.

Speaking in an interview with ZNBC News in Chingola shortly after a meeting with KCM management, Mr Mubanga said the payments have brought relief to his members who spent months waiting for their money.

He added that KCM management has assured him that it has sourced money and the remaining 30 percent will be paid as promised.

And one of the contractors Bernard Mwila has confirmed that he has been given remittance by KCM.

Mr Mwila, who owns Direct Material Suppliers Limited, says he supplied pumps last year to KCM and when the remittance was given, he was promised that the money will reflect today.

In December last year, hundreds of contractors and their employees blocked the entrance to the KCM General Offices in Chingola demanding to be paid.

It had to take Minister of Mines Christopher Yaluma to rush to the scene and negotiate both with the mining firm and the contractors.

At the time, KCM Chief Executive Officer Steven Din assured the contractors that all outstanding payments would be done by January 31st this year.

6 COMMENTS

  1. They had the money all along, what a waste of mining investment. So Yaluma’s company has been paid as well? These Indians must be kicked out of our mines now that the price of copper has reached $6000 per tonne on LME. A credible investor should come and revive mining activities in Chingola and chililabombwe and not this circus. How can you run a mine when you are failing to buy spares for machinery? Its unheard off, their main interest is the smelter that they even fail to utilize to full capacity because of their crookedness and failure to pay for inputs. Will it always take a minister’s intervention every time contractors are owed money?

    • Abaume totally agree, we started to make these foreigners accountable by taking them to court but we need more strength to follow the lead of the giant take back what is ours for our people (not the government by the way).

  2. I agree with all of you. All along they have been saying that they don’t make any profits. Is it possible to run a company on losses for over 10 years and still go on operating? This is the picture they have been painting all along.

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