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Alba Iulia
Friday, June 18, 2021

KCM Welcomes Bloomberg News Retraction of a misleading story about the shutdown

Headlines KCM Welcomes Bloomberg News Retraction of a misleading story about the...

Konkola Copper Mines (KCM) plc has said that it has acknowledged a retraction by Bloomberg News over a misleading story the news organization published on 5th May 2021 in which it said KCM operations at the Konkola Deep mine had been shut down.

Bloomberg has published a retraction and also written to KCM informing the Company that Bloomberg News had determined that the news article published on 5th May did not meet its editorial standards and subsequently offered an apology to KCM for the misleading article.

According to a statement issued to the media by Shapi Shachinda, the General Manager Corporate Affairs, KCM said that in view of the Bloomberg News apology, the company seeks to counsel journalists and media organizations to be factual in their reporting and always seek to clarify matters about the Company to ensure balanced and professional reporting.

“Mining is such a sensitive industry and any misrepresentation of facts can cause serious financial harm because of the inter-twined nature of the industry, with varied interests emanating from banks, the global markets, employees, shareholders and other key stakeholders who religiously track events on mining for various reasons, ” the statement read.

“The KCM Corporate Affairs department is always available to provide information to stakeholders whenever it is necessary,” the statement concluded

36 COMMENTS

  1. Bloomberg has always postured like a political tool for white monopoly capital. Some of its articles attract sound responses and quotations from surrogate politicians like our own Hakainde Hichilema. Such gestures reduce several cubits in their stature as a source of economic information. Most of us doubt their articles and always endeavor to cross check with other media houses. And this debacle further puts into question their credibility. Are they trying to prop up Hichilema?

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  2. When Zambia was falsely represented, the unpatriotic Zambians celebrated their country’s alleged failures. Most of them supported the unverified Bloomberg report: that it it a very big news outled which can not give fake news.
    Their “Messiah” HH has failed the mines before; and before he fails them again, he will have to fail on the ballots the way he has failed before. He has nothing to meaningful to offer.

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  3. SIMPLY POLITICS AT PLAY NOW
    HOWEVER THE TRUTH CANNOT BE HIDDEN FOREVER
    DID WE ZAMBIANS SUCCEED RUNNING THE MINES IN THE PAST ???
    TELL WHAT HAS CHANGE NOW ???
    THE ROAD TO SUCCESS CAN ONLY BE ACHIEVED BY ADMITTING ONES SHORTFALLS FIRST

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  4. How does one admit shortfalls when you have lies from people like Bloomberg?
    We earlier ran the mines on our own. The West lied to us to throw away Socialism, privatise the mines because government can’t do business. Did things improve? No. Our two investors Vedanta and Glencoe betrayed us. The same mines are back in GRZ hands. The same West with their surrogates, UPND, are busy pouring scorn and screening the loudest on government thinking only HH can turn it around when he has failed before. Cheap thinking.

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  5. Can we have comments from the upnd f00Ilsh diasp0rans who were celebrating when this was published? Upnd diasp0rans only believe what they follow t0ngas tell them or what the whlte man keeping them tells them. These creatures are gullible self hating kunta kintes suffering from inferiority complex. The only solution is for them to die natural deaths. Starting with that bab0on tarino and his fayke account tikki

  6. Can we have comments from the upnd f00Ilsh diasp0rans who were celebrating when this was published? Upnd diasp0rans only believe what they follow t0ngas tell them or what the whlte man keeping them tells them. These creatures are gullible self hating kunta kintes

  7. Upnd diasp0rans only believe what they follow t0ngas tell them or what the whlte man keeping them tells them. These creatures are gullIible self hating kunta klntes

  8. *** the entire upnd membership and their families. If you have a problem with that you know where to find me. I am currently in church. Wait for me outside and when I finish I come out and beat you

  9. Today u.p.n.d want to disown their fellow tribaI t0.nga Larry mweetwa. These motherfakaz are comfused

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  10. We did not fail economic hitmen came in and gave us fake projections about our economy with a gloomy outlook and we privatised everything believing cooked forecast that copper was never going to gain in value.

  11. The copper price today is such that even with poor planning one can make a profit but far less than those who can plan and mine efficiently. Zambian engineers and miners are a world class when it comes to mining. Bloomberg News report show that they sang for HH to earn votes. Not a good strategy for Zambian economy but for foreign capitalists with no interest in Zambia. Regarding mining, ECL is for Zambian. My vote drifting towards him and away from HH.

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  12. ZAMBIANS CAN POSSIBLY RUN KCM BUT NOT THE POL1T1CAL G00NS THEY PUT THERE
    IT SHOULD BE BEST MASN/ WOMEN GETS THE JOB

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  13. Government demands the Retraction of a Bloomberg Story on KCM

    If and when KCM is shut down UPND celebrates. Bloomberg reported that KDMP has been closed because of arbitration. KCM owned 4 divisions: Konkola, Nchanga, Nampundwe and Nkana. How come only Konkola is reported abandoned owing to legal challenges? To sugarcoat the story they say we can’t fund the mine. Time you UPND became responsible instead of wantonly believing in foreign news because to you bazungu can’t report wrongly. What fallacy!
    THAT WAS MY COMMENT

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  14. Bloomberg is so respected that when they mean factual business they CAN go against their own word when prove wrong. Ethical reporting demands so, instead of being cheeky.

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  15. @Tikki
    Please check on Bloomberg’s website. They have put up the apology in plain black and white. Thanks comrade.

    Bloomberg Retracts Zambia Mine Story
    Bloomberg News
    May 5, 2021, 5:41 PM GMT+2
    Corrected May 13, 2021, 9:34 PM GMT+2
    Bloomberg has retracted an incorrect article published May 5 with the headline “Zambia Shuts Seized Copper Mine as Prices Soar Toward Record (2)” because it misreported an interview with Barnaby Mulenga, permanent secretary in the Ministry of Mines. We regret the error.

    — With assistance by Emma Ross-Thomas

  16. TR00LL LETS SPEAK AFTER AUGUST NOW IS NOT THE TIME
    MORE INSULTS AND CORRECTION OF YOUR LIES TO PENITRATE YOUR DULL BRAIN
    WHERE IS THE RETRACTION POSTED BY BLOOMBERG ????
    DOES IT EVEN EXSIST

  17. “Bloomberg has retracted an incorrect article published May 5 with the headline “Zambia Shuts Seized Copper Mine as Prices Soar Toward Record (2)” because it misreported an interview with Barnaby Mulenga, permanent secretary in the Ministry of Mines. We regret the error.”

    This is what Bloomberg posted on their website I dont know where KCM Media Team is getting the rest

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  18. Tikki aka tarino, I wont have time to talk to tribalists like you when my party wins again. I will be too busy working for our people while you turn to courts for petition.

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  19. The fact of the matter is that not all is rosy at KCM there is lack of accountability and transparency …where is funds of this sale of copper? Workers are not being paid..they have bigger fish to worry about than Bloomberg

  20. The most classic adage regarding trolling is, “DONT FEED TROLLS.” Trolls seek out emotional responses and find provocation amusing, so replying to them or attempting to debate them will only make them troll more. By ignoring a troll completely, they will likely become frustrated and go somewhere else on the internet.

    You should try your best not to take ANYTHING trolls say seriously. NO matter how POORLY they behave, remember these people spend countless UNPRODUCTIVE hours trying to make people mad. They’re not WORTH your time of day.

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  21. Big media corporations, China and the west have never been for African prosperity. Always remember this.

  22. Credibility dictates that you attach original statement from third party This reported statement by KCM is not believable and falls short of required standard. I remain in disbelief!

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  23. Garlic – If you are going to support Lungu at least give sensible reasons… Are you sure Lungu is for Zambian? Who has he hand picked to run KCM…its in the hands of lawyer and there are still unfinished issues with Vedanta Resources Limited. There is too much nepotism and blunder as I am typing at KCM …have they told you how much money they have generated at KCM since they took over? That mine is being stripped and Lungu is wholly responsible …at one time he had Amos Chanda and Co at KCM for what?
    Wake up from your docility!!

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  24. LT PLEASE PRINT THE BLOOMBURG RETRACTION !!!!!!!!!!!!!!!!!!!!
    ITS NOT ON THEIR WEBSITE SO WHERE IS IT ????????
    IS IT ONLY IN THE D1RTY* MINDS OF PF ?????????

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  25. PLEASE ENLIGHTEN ME AS TO WHICH PARASTATAL HAS BEEN A SUCCESS ON THE OPEN MAKET SINCE OUR INDEPENDENCE
    DONT INCLUDE PRIVATE ZAMBIAN COMPANIES WHICH ARE APLENTY

  26. No one will develop Zambia but Zambians and that can only happen if and only if a large percentage of Zambians are participating. We have, for more than a century, given our resources like mining to foreign capitalists, it has never worked, we are still poor. Let me not go too much in the past, Mwanawasa gave KCM for a song to an Indian firm. They made billions and mocked us. HH approach is no different from Mwanawasa. TARINO negative happenings currently going on in KCM are within our reach to control. You are free to paint me docile. I will not do the same to you. As of now i support ECL approach. We have COPPER some countries do not have copper. There lies our opportunity.

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  27. WHERE IS THE RETRACTION ????????????
    SHOW US
    DONT MAKE STATEMENTS AD HOC AS PF IS A STRANGER TO THE TRUTH

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  28. @tikki just go to bloomberg website. I am sure LT did not know that people are lazy to do a simple search.

  29. Don’t worry, part 2 of this KCM story is up and running.
    The Bloomberg website says the story was retracted because ” it misreported an interview with Barnaby Mulenga, permanent secretary in the Ministry of Mines. We regret the error.”
    I will wait for the reprint to see what was ‘incorrect’ – the interview or the ACTUAL story. We Zambians in Diaspora are not celebrating anything, but praying for the end of the total incompetence of the clowns who stole the mine and don’t know how to manage it.
    BIG difference.

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