Celine Nair, the Official Receiver and Provisional Liquidator for Konkola Copper Mines Plc (KCM), has moved to clarify a recent report aired by Diamond Television news bulletin on 15th February 2024. Nair emphasized that the report contained inaccuracies and selectively presented information from an ongoing court matter.
Nair asserted that she had not issued any official statement regarding the transitional matters concerning KCM, particularly concerning the resolution between the government and Vedanta Resources Limited. The current focus is on the implementation of the Scheme of Arrangement, which aims to facilitate Vedanta’s complete takeover of KCM.
Addressing the ongoing process, Nair highlighted that the transition to Vedanta’s ownership is proceeding through a court-monitored procedure. She reassured stakeholders that once finalized, all creditors would be duly compensated in accordance with the agreed scheme.
Nair informed creditors to ensure their records are updated, as meetings will soon commence for verification and payment processes. She noted Vedanta’s contribution of $25 million as bridging finance to support KCM’s short-term operations.
In light of these developments, Nair urged stakeholders not to panic, emphasizing collaboration between the government, Vedanta Resources Limited, and KCM management to ensure a smooth transition.
Regarding the Diamond TV report, Nair criticized its misleading headline and stressed the importance of accurate reporting, especially considering the efforts to revitalize Zambia’s mining sector. She cautioned the public against adopting the narrative of KCM’s imminent closure.
Shapi Shachinda, General Manager Corporate Affairs, issued this statement on behalf of KCM, underlining the commitment of all parties involved to facilitate Vedanta’s full takeover of KCM and restore stability to the mining industry.
Vandeta should be kicked out of Zambia….these guys are milking us dry….what is wrong with us Africans……can’t we manage our own natural resources…like seriously!!! Vandeta this Vandeta that year in year out…..we can do better than this…
She should have been minister.
What is wrong with us Africans ???
We wont accept our short comings !!!
KCM will not go anywhere under Vedanta
The quiet diplomacy by goveenment has starved Zambians of information. Where is Hon. Kabuswe? After lying to us that the deal is signed, he has gone to spine a protective cocoon around him.
KCM is a failed project. Maybe the idea of offloading some of their 80% shares could ease troubles of the heavy indebtedness of $4.3m by this dead horse mining firm.
She also correct the Zambia Daily Mail which said suppliers have started paying contractors. Action speak louder than words. The people of Chingola especially the employees of KCM know the truth since they are directly affected.
Talk is cheap….in opposition HH was a super genius but it turns out he is just a dunderhead and now he is busy making some back rooms on our mines and lining up his pockets
This one is hh side chicken
You ba$tard
Ba no call
Kaizar Zulu, your time of hiding is over, as long as your on this Earth. Wait!!!
I am not hiding. The police know where I am. They just refuse to follow tribal orders from your hh
On Vedanta, the UPND government is wrong. PF was wrong as well as there were more cleverer options of grabbing the asset. If the UPND knew they would agree to give the mine back to Vedanta, why did it take 2 years to make an obvious decision? Why did the UPND bring Vedanta back to control the asset? Why did they not renegotiate for 51% (no operational or management control if fine)?