Features

Operations of KCM since takeover

IN MAY 2014, a technical committee constituted by Government to evaluate the performance of Konkola Copper Mines found that capital projects totalling US$2.8 billion were financed through Konkola’s own cash flow, lease finance and short-term bank loans. PICTURE: MATTHEWS KABAMBA

KELVIN KACHINGWE, Lusaka
IN MONDAY’S edition, we carried a feature article outlining how Vedanta Resources Ltd, the London-headquartered global diversified metals and mining company, was given the mantle to run Konkola Copper Mines (KCM).
Vedanta acquired KCM after Anglo American Corporation decided to quit its Zambian operations. Anglo were the original owners of mines – Nchanga Open Pit, Nchanga underground mine, the Konkola underground mine, the Nchanga Tailings dump, the Chingola Refractory ores, the Nchanga leach plant, the Nkana smelter and refinery and the Nampundwe pyrite mine near Lusaka as well as the Konkola Deep, a very large copper deposit capable of producing over 200,000 tonnes of copper.
On quitting, Anglo offered US$30 million and a loan of US$26.5 million to keep the operations running at KCM while the Zambian government sought new investors. The withdrawal by Anglo came two years after they won the bid to run the mines. The privatisation process of the mines took almost nine years.
The explanation for the pull out was the low world metal prices and the decay in the assets as the privatisation process ran on.http://epaper.daily-mail.co.zm/

Send Your Letters

Facebook Feed

Ad1