Saturday, June 15, 2024

Natasha Kalimukwa takes over as KCM provisional liquidator

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Official Receiver Natasha Kalimukwa has taken over the running of the affairs of Konkola Copper Mines following the resignation of Milingo Lungu as provisional Liquidator for KCM.

Ms. Kalimukwa has announced the development in a statement issued on Tuesday.

She has advised stakeholders to deal with the official receiver in all matters pertaining to Konkola Copper Mines.

Mr. Lungu resigned recently from his position as Konkola Copper Mines Plc Provisional Liquidator with immediate effect and did not give any reasons for his resignation.

The provisional liquidator of Zambia’s Konkola Copper Mines (KCM), a company over which Vedanta Resources and the government have been locked in a long dispute.

Zambia’s previous government, which owns 20% of KCM through state mining investment firm ZCCM-IH, handed control of KCM to liquidator Milingo Lungu in 2019, triggering the dispute with Vedanta, which owns the other 80%.

It was not immediately clear what Mr. Lungu’s resignation would mean for KCM’s future.

Vedanta has said it is keen to resolve the dispute over KCM and has pledged to invest $1.5 billion into its operations.

In a letter seen by dated March 17 and addressed to KCM official receiver Natasha Kalimukwa, Mr. Lungu said he had resigned, but he did not give any reason for his decision.

“This serves to inform you that I have with immediate effect resigned as provisional liquidator of Konkola Copper Mines,” read the letter.”

Ms. Kalimukwa had moved on March 11 to suspend Lungu after receiving a complaint from ZCCM-IH relating to mismanagement.

Mr. Lungu refused to go, however, saying Ms. Kalimukwa had no power to remove him as he had been appointed by a court.

6 COMMENTS

  1. Ms Kalimukwa surely has got decisiveness on her side. I just hope she understands mining a bit – that helps – and that she won’t get overrun by the Vedanta clan.

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  2. When will this kcm saga come to an end?
    We have new dawn government in place but
    Nothing seems to be moving.Bally was saying he will fix it, Zambians are still waiting.

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  3. The mine owners were accused of being broke, failing to remit dividents to ZCCM_HI and pay suppliers of goods and services. Other allegations are that they failed to open up new nurseries for future mining operations, busy externalising profits without reinvesting and showing poor corporate social responsibility.
    The New Dawn wishes to give KCM to Vedanta as taken from preelection messages.
    Either the Indians were victims of circumstance or have learned from past mistakes to even offer this $1.5bn for KCM rebirth as atonement.

  4. Milingo Lungu should not be allowed to leave without a comprehensive hand-over report. Short of that, Natasha Kalimukwa will be at sea.

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