Government has disclosed that nine foreign companies have expressed interest to take over Konkola Copper Mine (KCM) which is currently under liquidation.
Minister of Mines and Minerals Development Richard Musukwa said among the companies interested to take over KCM are Russian, Turkish, Canadian, Australian and three Chinese companies, among others.
Mr Musukwa said government is currently engaging all stakeholders in the takeover of KCM to ensure that there is transparency.
Speaking at a Joint Press briefing with Minister of Information and Broadcasting Services Dora Silya, the Minister dismissed assertions that government has already sold the mine to a Chinese company or nationalised KCM saying government is being careful to ensure that Zambians do not lose out from the natural resources.
He said the liquidator who is currently handling KCM is doing everything possible to keep the mine running, stating that so far the liquidator has made the smelter operational to ensure that the mines start making money to pay its liabilities.
He said government acted in accordance with the law to start the liquidation process of the mines because the investors failed to keep the mine afloat despite being issued with default notices twice.
He said the mines ended up with more liabilities amounting to 2.5 billion United States dollars, against assets amounting to 1.6 billion United States dollars which prompted government to start the liquidation process to save jobs for the local people.
And the Minister of Mines has clarified that KCM owes government through the Zambia Revenue Authority in taxes amounting to K3.1 Billion while government owes the mining firm about K1.4 million in refunds.
He said the mining firm failed to produce receipts of the sale of copper to claim the VAT refund which is still be disputed.
Mr Musukwa said government will announce to the nation when the bidding process starts to find a new investors once the negotiating team led by Kantanshi Member of Parliament Anthony Mumba finalise the processes.
And speaking at the same briefing, Chief Government Spokesperson Dora Siliya emphasized that government will remain transparent as the liquidation for KCM is going on to ensure that a credible investor is found.
Ms Siliya who is also Minister of Information and Broadcasting Service regretted that no Zambian investor has come forward to express interest to invest in KCM.
She encouraged local investors to team up so that they can form a consortium that can run KCM saying Zambians should not be discouraged that once they come out to invest in mines they can be linked to corruption.
Go for Canadian or Australian companies only.These others will only dissapoint us.
Look for an investor with enough cash and give him strict rules of operations with a clause to revoke the sale if they divert from the agreement
Give it to the Chinese on condition that they cancel these debts that you have pocketed. People talking of other countries are dull & blind because these other countries don’t give Zambia loans to develop. All they do is give small aid in a specific area, like dig 3 borehole, ati they are corporating partners. They just watch & report on the tv’s the poverty in Africa. They have been busy plundering (except Russia). So like or hate Chinese, they are the only ones helping
There is no mention of Vedanta in this Article. Does it mean Vedanta has agreed to this Management Buy Out? If so what the terms and conditions of Vedanta’s Exit from KCM. No doubt Govt will have to pay a huge amount to Vedanta in Compensation and Damages. Time will tell.
Anthony Mumba, the name looks good, but show us his picture so we make assessment if he can negotiate.
The new Finance Minister gave us hope because of the way he looks. Chipampe gave us hope because of the way he looks. HH looks gives us hope too.
We want “ordinary” citizens.
We don’t want fi Musukwa, Chinteme, Mushimba, Kampyongo, Lusambo, fi Chitotela all with useless big cartel rings.
They can’t go for those coz Canadians and Australians do not give kickbacks. The Chinese are taking over.
Russia or Turkey is best not the British colonies, Twanaka nabo….!!
Dora said and I quote “… Ms Siliya who is also Minister of Information and Broadcasting Service regretted that no Zambian investor has come forward to express interest to invest in KCM.” End of quote.
We already have the Zambian Management team currently running the mines. They can team up with IDC, the Chamber of Commerce, a few locale banks and present a proposal for a Management Buy-Out (MBO).
Why can’t the do that … come on, guys!!! They can even work out a 12 month trailing for all proceeds and pay off the accumulated debt so far.
Alternatively, ZCCM-IH can express 100% interest in KCM and achieve the same objectives. What’s wrong with our thinking. It is all about structure and thinking outside the box.
Let’s roll … epo mpelele,
BRM
THE LIES BEING PEDDLED IN ORDER TO DUPE ZAMBIANS INTO THINKING THAT KCM OWES ZRA 3.1 BILLION IN TAXES IS SHAMEFUL……ZRA IS CLAIMING THIS BECAUSE THE GOVERNMENT WANTS TO GIVE KCM TO THE CHINESE……………………. YOU SAY 9 COMPANIES ARE INTERESTED IN BUYING KCM —- PLEASE NAME THESE 9 COMPANIES !!!!!!!!!!!!!!!!!!! WHY WOULD ANYONE WANT TO BUY ANYTHING IF IT CAN BE TAKEN AWAY !!!!!!!!!!!!!!!!!!!!!!!!!
ATI transparency, name the companies. Just mentioning transparency on your statement does not guarantee frankness, openness, candidness, honesty, directness and simplicity
This man is too dull to handle such matters….This is all lies ZRA can not owe KCM K1.4 million in refunds the figure must be more than that in relation to what KCM owes ZRA….they are now fiddling with the figures even where they have a solid case to take back the mine. How n earth did you let KCM run up a bill of tax amounting to K3.1 billion.
Don’t cheat people by stating that there s interest when companies are merely inquiring…everyone knows that the Chinks are already on site.
And I tell you Chinese will get it……
The Chinks will get it when they do they will now get hold of TAZARA to transport their loot …it all fits in with their Belt and Road Initiative (BRI) is a global development strategy and we Zambians are sleeping.
HH should also express interest. This time to invest in the country not hiding stolen privatization money in tax havens. I hope other infestors are learning from this not to take the Zambian people for granted and abuse the resources.
The money lungu has stolen, he can buy that mine outright…..
SO THAT YOU CAN GO AND STEAL IT.
The one who bribes ECL with the most money will be the next owner..period
Only Investors from Canada,Russia, Australia and Turkey should be considered.NO CHINESE PLEASE!!
If PF picks Chinese,then they will lose in Chingola and Chililabombwe in 2021 because-mark my words!!This is because miners there do not want even to hear anything about Chinese fake investors!!
Government can not run the mine through ZNS? We engineers in zambia can’t we run the mine?
If they give it to the Chinese we will go through the same experience of problems in the mine. Indians and Chimes not much difference. Whites are better they treat workers well, they take care of the environment safety issues and implement the Business plan professionally
Listen to yourself …its a case of who is the best slave master to you…this is what happens when you read too much of the Bible!!
50 years sin Independence you have been working very hard on how to be a good employee, how to best appease your Slave-masters …you have no 10 year plans everything is Investors this and that ..what happens when all your mines run out?
Whites can not manage the corrupt govt corridor and that is why they would not come . Chinese are good in managing corrupt politician and officials and they would manage to take and run the mine . Most of the professionals will be Chinese and low quality work such as house keeping , Guard etc will be done by locals .
Govt fiscal policy will be changed in a way to provide more benefit to Chinese investor .
Zambia and Congo will be ruled alike by Chinese investor but unfortunately it is the only way out .
If they give it to the Chinese we will go through the same experience of problems in the mine. Indians and Chimes not much difference. Whites are better they treat workers well, they take care of the environment safety issues and implement the Business plan professionally. Whites are more professional. Chinese are crooks while Indians are mean
White supremacists reading this must be laughing at your stupidity …
Transparency with little details, why don’t you publish the financial records so that we can see for ourselves instead of just talking. You now realized that Zambians don’t trust you guys. The whole process looks shrewd from the starts, I hope you’re not selling our mines to the Chinese after they bribe you. The Chinese are getting super arrogant in our own country because of the bribes they give these politicians.
China – This man is a former Primary School Teacher he has never worked in corporate world but trying to spin lies like a corporate Media Oficer…Lazy Lungu and PF govt just need to hire technocrats so they place them in these sensitive ministries.
Which nine companies? It’s just a
Way of telling Zambians we are
Transparent. We know who has won
The bid.The Chinese. That’s why they are cancelling debts.
Which debts have been cancelled?
MY OPINION:
If KCM needs to be sold for $2Billion, find an 50% equity partner who can provide $1B for recapitalization. The other 50% should remain with the people of Zambia. Zambians should run the mine as 50% shareholders. The board, Executive and Senior Management should be 50-50 at all levels down to Departmental Managers. Non of the proceeds from the sale should go elsewhere but recapitalization of the mine and addressing some urgent liabilities. The mine will be turned around. This also removes the concern as to who the investor should be.
@11 Kazenki THAT ACTUALLY SHOULD BE THE WAY TO GO BUT IT APPEARS OUR LEADERSHIP IS CONSUMED WITH PRIVATIZATION AND ITS POTENTIAL FOR KICKBACKS. If we are serious,we should pursue that option and do something different from nationalization and privitization to running Joint venture!!
Dollar Siliya comments is laughable, which local investors should team up and form a consortium when so many small mines exist and non so far as mined anything to talk about except corrupt activities and stealing. Remember Zambia emeralds association one of the best in the world was/is dogged by corrupt individuals and stealing of stones has robed Zambia for years. Local investors have no machinery for mining and sell mining licences to foreigners who have always taken minerals out of Zambia leaving Zambians with a car to boast and corrupt politicians for further deals to steal from Zambia. Local investors my foot.
There is no way the Canadians or Australians will invest in KCM….Bufi,Boza,Wenye.
VENDATA will definitely win the international court action and that will curse KCM.Same thing happened to ZAMTEL.
Only the crooked Chinese and Russia can put money in KCM.
tatulefwaya ifima CHAINIZI
You can’t fool us, the Chinese have already paid and will take over.
Copying Europe is not the answer.By copying Europe you will copy the errors of Europe too.Peter Carlos Hinds.
Man is just another animal.not this Devine spiritual entity that the church is proclaiming.Peter Carlos Hinds.
Why are Milupi, Lungu, HH not wanting to buy the mine? We as Zambians are funny, we always want foreign investors.
PLEASE GIVE IT TO KAVINDELE HOLDINGS MULI BUSY GIVE CHINESE , AUSTRALIANS WHAT OF RUNNING YOUR OWN AFFAIRS THATS WHY U DESERVE NO RESPECT ON EARTH FROM MUZUNGU NOW WE ARE EVEN INSULTED BY CHINESE AND GERMANS ATASE, SILIYA IS RIGHT LET US COME UP WITH CONSORTIUMS DEVELOP TOR;S FOR LOCAL PARTICIPANTS, EVEN GIVE CONDITION TO PARTNER WITH A FOREIGN FIRM
And the nine company’s are CNMC ,CNMC,CNMC,CNMC,CNMC,CNMC,CNMC,CNMC,CNMC .Chinese colonisation of Zambia underway .
LET’S BET IT’S GOING TO CHINA
pliz ba government hear from us bring an invester who will be paying your pipo good salarys and also look after the enviroment not the chinese we dont want them.