The Zambia Consolidated Copper Mines Investment Holdings has refuted reports suggesting that Ndola Lime Company Limited is being sold describing the claims as unfounded and false.
ZCCM-IH Public Relations Manager Loisa Kakoma explained that two former Ndola Lime employees applied to Court to place the company under supervision pursuant to the Corporate Insolvency Act number 9 of 2017.
Mrs. Kakoma said by order of the Court dated 5th October 2018, the Official Receiver was appointed as Interim Business Rescue Administrator of Ndola Lime and ZCCM-IH is seeking legal redress regarding the aforementioned proceedings.
She said ZCCM-IH has over the past 10 years invested over K1 billion in Ndola Lime Company in form of debt and equity in an effort to turnaround the loss-making operations of the Company into profitability.
Mrs. Kakoma said Ndola Lime has however faced several challenges among them technical, financial, market and human resource issues.
“The plant has been unable to produce to nameplate capacity because of failure to fully commission and optimise the new coal fired vertical kiln (“VK2”) due to technical factors. In addition, the company has been reporting losses over the past seven years with a current debt stock standing at approximately K800 million”, Mrs. Kakoma added.
She said ZCCM-IH remains committed to the affairs of Ndola Lime Company and will continue to pursue all activities that better the Company and ZCCM-IH’s investment.
Mrs. Kakoma said part of this includes the consideration of engaging technical staff from Ndola Lime Company to work in the ZCCM-IH new Cement Plant in Masaiti, as the technical processes and operations are similar.
“The plant has been unable to produce to nameplate capacity because of failure to fully commission and optimise the new coal fired vertical kiln (“VK2”) due to technical factors. In addition, the company has been reporting losses over the past seven years with a current debt stock standing at approximately K800 million”, Mrs. Kakoma added.
That is why the person who sent an article on watchdog did not lie . you are simply confirming what was written. Even if its not sold it is under receivership
HH is becoming too much in Copperbelt, he even in-sighted Ndola Lime to make a loss. With past experiences, HH will support and quickly “privataize” it.
I don’t understand why your country doesn’t want to sell your strategic assets – why exactly ?
The UK privatised and sold a lot of the companies.
Grow up and this makes no difference whatsoever if they are sold or not with food on your table.
Grow up !
Sell them all – from all of us Zambians with Brains – It’s me Dr. Mushota chimfwembe.
Nick and I just brought our Christmas tree from the loft this morning. This is life.
Thanks
BB2014,2016
HICHILEMA HaKACHEPA. Anyway, no problem! If he sold some, we can sell some too UNLESS HE SAYS HE WAS WRONG AND HE STOLE THE PROCEEDS OF SALES FROM PRIVATIZATION FUNDS! I am sure he is thinking that others will do what he did and they will be rich as well. PANAMA PARADISE PAPERS.
Why only government entities make a loss. If you people have failed to run these entities resign and give way to other people who can run them. we are tired of hearing every time that the companies are been sold because they are making loss. how are the people going to buy it going to be making the profits
Basic facts guys….ZAMBIANS LACK BUSINESS ACUMEN
“…Ndola Lime has, however faced several challenges among them, technical, financial,market and human resources”
In business,one should be embarrassed to
produce such a report.Failure across the board.
How is it that ndola lime has only become a “loss” in pf
He is haunted with privatisation. People died and demons are tormenting him
Let him face his past but can assure you he will never enjoy the money lying in panama.
He will die a miserable soul
Before PF, Ndola Lime was a profit making company.
Before PF, Zamtel was recovering.
Before PF, fires on prime land was unheard of.
Before PF, debt stood at 1.9 million USD. Now, the true debt is nearer 25 billion USD.
Before PF, we had never heard of the term “VVVIP”.
Before PF, we were very happy citizens.
Either your are a liar who isn’t ignorant or are just a complete retard who believes anything.
You are the same people that say 40 years ago cars were $1,000 but now the same type of cars are $100,000 so the problem must be the Government or the companies.
You need help.
So what if debt has gone up. Show me a country where the debt has remain static in last 20 years and they are a third world county.
I hate you.
Thanks
The truth hurts!
No we were not happy citizens unless you are talking about the families of Frederick Chiluba, Levy Mwanawasa, and Rupiah Banda,
Too much stealing in government entities that’s why always making losses. Even the new kiln they bought they must be overpriced so that is already a loss in itself.
Pedlars of rumours and fake news should be charged with a criminal offence as they are likely to disturb the peace as we have seen in recent days.
In a layman’s language: Ndola lime has been shutdown because it has been making losses. The government is not sure what they must do to Ndola lime at the moment. The government will let you know when they have a plan. Therefore, those of you whose source of livelihood depends on Ndola Lime are advised to start looking for other ways of meeting your needs. Simple and clear language guys!
Make it simple for there is nothing to refute. It’s not a lie that Ndola Lime is not operational at the moment. We will wait patiently for you plan.
And why are we hearing this from ZCCM IH and not the company public relations officer? Ohh wait minute… I think they can’t afford one!
Lusambo, Lusambo, you have no any other place to run to except Zambia and all your relatives are Zambians. You were appointed to be what you are and not by own powers are you called a minister. The word Minister simply means a servant of the people and not a master of the people. Yes today you are speaking like a Master forgetting that time is coming when you shall be useless.
I am telling you that tame your tongue because you do not know what tomorrow may bring. HH can not be compared with you who has what you are eating from tax payers funds. Tame your tongue and do not insult the future because its like you are short sighted who is not seeing what is on the ground today. We are all Zambians and soon PF will be off.
Mwasenda lime mwapwishya ukusuba. Abanenu balachitishya mwebo mulesuba.