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Alba Iulia
Tuesday, March 31, 2020

Zambia has not sold KCM to the Chinese-Richard Musukwa

Economy Zambia has not sold KCM to the Chinese-Richard Musukwa

Mines and Minerals Development Minister Hon Richard Musukwa
Mines and Minerals Development Minister Hon Richard Musukwa

Government says it has not sold Konkola Copper Mines -KCM- to Chinese owned Non-Ferrous Mining Company -CNFC- as is being alleged by some sections of the media.

Mines Minister Richard Musukwa says such allegations are meant to create unnecessary acrimony in the Country.

Mr. Musukwa says companies which have expressed interest to take over KCM are undertaking a technical assessment of operations at the mine.

He has told ZNBC News in Kitwe in a telephone interview that all the companies are doing due diligence at the mine.

The minister further said government has allowed all the companies that have expressed interest in the mine to go and have a look at the operations before making an offer to government.

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12 COMMENTS

  1. Now ask those who told you the mine had been sold to NFCA to explain due diligence?

    When I am selling my car, that has gone through several panel beatings, it will obviously attract a lot of buyers. And by the way may be the 40th visitor to inspect the car will buy, but all those interested where given a chance to do a ‘DUE DILIGENCE’.

  2. This is confusing. KCM is 80% owned by Vedanta while ZCCM-IH/ GRZ own 20% of the Shareholding so how come GRZ a Minority is receiving offers from New Prospective KCM investors? So GRZ has Nationalised KCM and is deciding who will buy KCM? Whoever is the New Owner of KCM will have to Buy Out Vedanta out of KCM. The Management Buy Out can only be finalised after the International Arbitrator makes a Ruling and GRZ pays Vedanta its dues in damages and compensation. This process could be protracted and expensive unless GRZ has a magic wand. International Arbitration is not an overnight event. The writing is on the Wall.

  3. I am one of those who were skeptical of the statement attributed to the republican President in Mozambique regarding the selection of the new owner of KCM by end of July as not only preemptive but also prejudicial.Here we are,ZCCM-IH is a shareholder and one wonders why a shareholder who legally occupies the last position( i.e has least priority in the priority order of compensation after sale of assets AND may even get nothing if all creditors are not paid) in case of liquidation of the undertaking would invoke a liquidation process.What is the interest? Naturally,its the Creditors who invokes the liquidation process against the owners of the company(shareholders); in this case VEDANTA and ZCCM-IH.My question,where is ZCCM-IH getting the locus standi to invoke liquidation process as a…

  4. Investors who want to run kcm should not give offer price to the Government MR Minister of Mines. The Government should value it and give the offer . Unless you are not sure about its viability.

  5. Chola, do you mean vendata was running kcm 100% according to investment agreement with the Zambia govt.

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