Konkola Copper Mine (KCM) owes suppliers of goods and services 80 million United States dollars as of September 2018.
Minister of Mines Richard Musukwa says the mining giant owes both the international and local suppliers’ monies because it is not doing well.
Speaking in Parliament on Thursday, Mr. Musukwa however said failure by KCM to pay its debt to the suppliers is a bad business practice which should not be entertained.
He has since urged the mining company not to wait for government’s intervention before it pays its debt to suppliers of goods and services.
Mr. Musukwa said if the company does not do the right thing, government will be left with no option but to take drastic measures to protect Zambians.
He further said the company has made a commitment to pay suppliers over a period of three months starting from October this year.
Very good… Can you also check on the Cobalt they are selling to China. Yes that $1.5 Billion USD consignment that hasn’t been disclosed.
How did you come across this information about the cobalt mine?
I can not put it past this government.
They are on a mission to sell off all our national assets.
But please be responsible with information, and back it up.
Let us run a clean revolution based on truth and facts.
Let us show that as citizens, we reject all the bad things this government is doing.
You can’t have private companies interfered with. Why sell mines if you think you know what to do?
Hon Musukwa, we talk too much, but with no action.. For how long have you been talking about the same thing time and again?
These guys HH sold the mines to are just like HH – THIEVES.
The suppliers and contractors must demand interest on the monies owed. Otherwise these idiots may be playing monkey tricks by investing the moneys in some investment accounts for some period for it to earn interest before paying out. Another option use the bailiffs to confiscate the mine for the money owed.
KCM can be run much better under a different investor ..Let these Indians go home they have failed miserably
Alternative Miners are plenty. Minister has delivered enough warnings.
KCM should not complain when Musho and Judge Nkonde start liquidating them!!
Sorry to say this but Indians normally do not want to part with their money. Even those who work for them in shops find it hard to get their monthly pay. …all sorts of cases come up on pay day some of which result in pay deductions. Even putting money in the bank is taboo. I remember an Indian shop owner in Kitwe second class trading area called Manyara lost millions of kwacha when his shop caught fire. He never banked his taking preferring to keep it with himself.
Creditors should call a creditors meeting and put the company under receivership.
These Indians are getting away with murder. Most businesses in the copperbelt are insolvent because of KCM.
And we were told privatization was going to revamp the mines or is a case of a wrong investor? At least the Chinese owned mines pay out with the most minimum delays.
One question am asking myself of late is that if our forefathers like His excellence Dr Kaunda, Sir Mandela,etc were like Zambians of today , I think even today Zambia could have been under colonialism.
GRZ should raise funds and nationalise the mining conglomerate.
Just passing……..