ZAMBIA has appointed a legal firm to act as provisional liquidator of Konkola Copper Mines (KCM), the assets owned by Indian firm, Vedanta.. These cooperatives could really help in uplifting living standards in a rural place like Kawambwa... US$18 million dollars is small change by PF standards. On the 1st February 2020, News Diggers reported that the PL had transferred K100 million from KCM accounts to his law firm, when this was not true CHOMBA MUSIKA, Lusaka ZAMBIA Consolidated Copper Mines – Investment Holdings (ZCCM … This fact can simply be verified by making a search at PACRA. Lungu Flashes A Peace Signal, LATEST OFFICIAL ECZ RESULTS: UPND Maintains Lead By 3, 430; Hichilema 514, 816 Vs Edgar Lungu 511, 386, Hichilema Wins Another Day In Court; No Verdict As ConCourt Adjourns To Monday, LATEST ECZ OFFICIAL RESULTS: PF Leads By 70, 571; Edgar Lungu 1, 454, 165 Hichilema 1, 383,594, Cartel Takes Over LAZ; M’membe & Nchito Allegedly Calling Shots. The PL wishes to categorically deny that he is interested in Cashfin Limited, by himself or through any of his relatives. “All contracts for Contractors and Suppliers having existing contracts with KCM will be transferred to the two separate companies, which will be responsible for honouring and executing conditions and terms of those contracts starting from the effective date. The Zambian government, including its president, Edgar Lungu, has accused KCM of underpayment of dividends and taxes, as well as underinvestment in the mine, a crucial plank in Zambia… 2. Vedanta is committed to significantly improving the investment outlook of KCM by returning and investing in its long-term future. Data is currently not available. Agarwal, on a two-day visit to Zambia, where he has attended the India-Zambia Business forum, said Vedanta was fully committed to supporting KCM’s plans. Konkola Copper Mines (KCM) has been reorganised and restructured into two subsidiary companies effective February 1, 2021 in a bid to increase efficiency, foster optimization and boost business opportunities. Remember KCM operates in Zambia and there are KCM employees who are part of PF. What this essenually means 1s that all employees working in processing and refining plants, except for the Konkola Concentrator and the New Last and West Mills at Nchanga, will be offered new contracts of employment in KCM SmelterCo Limited, while those working under mining operations, and all Shared Services will be offered new contracts of employment in Konkola Mineral Resources Limited. Zambia to appeal court ruling backing Vedanta in KCM mine row November 28, 2020 November 28, 2020 Janet Zambia’s state mining arm ZCCM-IH plans to appeal a court decision that ruled in favour of Vedanta, which has sought arbiration in a dispute over the jointly owned copper mine that is facing liquidation, the mining minister said. Many are asking now if the country could repossess private mining operations in a bid to shore up financing amid rising debt levels. Management will continue to provide updates whenever it is necessary. The liquidation order issued by the government of Zambia, that would allow it to take control of the copper-producing assets held in the African country by global metals producer Vedanta, has sent shockwaves through the global industry. Zambian Watchdog is an online news service that provides independent breaking news on and about Zambia. Therefore, the Provisional Liquidator demands an apology and complete retraction of the false story in the News Diggers. He further explained that there will be no change to the existing structures of Union representation. The imported concentrates are required for smelter and blending operations. Speaking during a briefing in Chingola, KCM … Latest news FOCUS: KCM liquidation order - what is at stake, what will happen to Zambian copper industry? IT HASN’T BEEN EASY… but I believed in myself – Iris. CHINGOLA, 29th September 2020: The Provisional Liquidator (PL) of Konkola Copper Mines (KCM), Milingo Lungu, wishes to categorically refute a story published in the News Diggers newspaper of Monday, 28th September 2020 in which it alleged actions of impropriety by the PL at the company. He added that all employees directly working for Konkola Copper Mines will be offered new contracts of employment in either of the two new companies. Latest news and breaking news for Zambia, world, entertainment, politics, Style, Crime, Court, Religion and health at zambianobserver.com All Rights Reserved. He said Zambia needs to look at KCM’s shareholding structure, conditions and agreements to preserve its right to its resources. Latest Annual Report Extracts; Latest News; ... KCM is Zambia’s largest integrated copper producer, with an entire production value chain comprising of open pit and underground mines, concentrators, a state-of-the-art smelter, a tailings leach plant and a refinery. Oliver Chisenga | July 13, 2019. He was known as Northern Rhodesia during the colonial era and its current name … Zambia's largest copper mining operation, KCM, has been liquidated. 1. HE BROKE MY HEART IN 1000 PIECES.” – DANGOTE’S ALLEGED SIDE-CHICK. Our mission is to independently and objectively give our readers factual and balanced news that will help in good governance, democratization, policy making and implementation, transparency, justice dispensation … Zambia's Konkola Copper Mines (KCM) ... Latest News. Lungu Remains Commander-In-Chief – Cabinet Chief, Lawyer Reports Hichilema, GBM To International Court For Crimes Against Humanity, Hichilema Offers 10 Point Plan To Fix Zambia, ConCourt Adjourns Presidential Petition To Tuesday, Today’s Photo: PEACE; Pres. Recently, rumours surfaced that the provisional liquidator appointed by the Zambian government is set to separate KCM … So, Zambia should have been in lockdown from the time we had the first cases... Zambians are behaving like Covid is over or it does not impact them. 4. THE provisional liquidator managing Konkola Copper Mines (KCM) was continuing to seek opportunities to sell the assets, said Vedanta Resources. KCM to be reorganised and restructured into two subsidiary companies effective February 1, 2021 LusakaTimes.com 11:07 29-Dec-20 Demographic analyses of a new sample of haploid genomes from a Swedish population of Drosophila melanogaster Nature.com 10:53 29-Dec-20 So the president knows what has been happening, but he gave them a benefit of doubt. ... loyal investor in KCM and in Zambia having invested over US$3 billion since the acquisition of the asset in 2004. The Independent Observer is a product of Valour Media Limited a fully registered media house in Zambia.. Our Head office is based in Chingola on the Copperbelt. Lungu Wins Tight Presidential Election; ECL 1, 860, 877 Hichilema 1, 760, 347, Muvi TV & Komboni Radio Licences Revoked For Alleged Misconduct, Pres. Mponda said the basis conditions of service will remain unchanged adding that the employees’ basic conditions of service shall remain unchanged until after the Managements of the two Companies and Unions Collective Bargaining commences “and to concluded as per agreed calendar of negotiations, Further details on employees’ circumstances will be explained 1n individual letters to be issued to all the employees. In an update on legal proceedings in which Vedanta is hoping to regain control of KCM, in which it has a 79.4% stake, the group cautioned potential buyers of the company’s mines that they might […] The government plans to introduce a new … Konkola Copper Mines (KCM), a subsidiary of Vedanta Resources, has stopped operations at its Nchanga mine in Zambia due to import duties on copper concentrates. On the 19th October 2019, News Diggers reported that the Nchanga smelter had burnt down, when not Top US dance company to tour Zambia. President Lungu Expected On C/belt For 3 Day Working Visit, DON’T BE MISLED BY OPPOSITION, KAMPYONGO TELLS HIS CONSTITUENTS, Reduced Loadshedding Linked to Increased Water Levels, BoZ STARTS ACCUMULATING GOLD AS PART OF INTERNATIONAL RESERVES, BY-ELECTION VICTORY A SIGN OF ZAMBIANS’ RENEWED HOPE IN PF – SG, KALOMO CRIMINAL BEHIND FAKE FACEBOOK PAGE NAMED NANCY KANGANJA NABBED FOR PERSONATION, PF HAS DELIVERED DEVELOPMENT IN MATERO – KAMBA, Toddler Dies After Being Run Over By A Car At Church, Man Hangs Himself with Shoelaces in Chizozu, THREATENED DIVORCE CAUSES LUSAKA MAN TO KILL HIMSELF AND HIS CHILDREN, NEW SI ZERO RATES VAT ON PETROL AND DIESEL, KABWE DEPUTY MAYOR TESTS POSITIVE FOR COVID-19, COPPERBELT MINISTER MWAKALOMBE TESTS POSITIVE FOR COVID-19, KABWE SHOPRITE AND ZAMBEEF TEMPORARILY CLOSED FOR NON-ADHERENCE TO COVID-19 RULES, South African Mortuaries Run Out Of Space As COVID-19 Bodies Pile Up, Zambia’s Mission In Addis Pursues Economic Benefit For Zambia Amid COVID-19 Outbreak, COURT COMMITS BOYFRIEND TO HIGH COURT FOR DEFILING GIRLFRIEND, LUSAKA WOMAN DIES AFTER BEING HIT BY A CAR ON GREAT EAST ROAD AS HER ONE YEAR OLD BABY MIRACULOUSLY SURVIVES, Pres. The two Companies will continue to engage various stakeholders, including communities under mutually beneficial arrangements so that they can remain a part of the development of specific areas of their operations. The people of Zambia must know that KCM has no cash flow at the moment and is relying on government resources to pay the over 13,000 employees. LOW copper output at its Zambian unit Konkola Copper Mines (KCM) in Chingola has cost Vedanta Resources an 8.5 per cent drop in annual copper earnings on the global market. Latest News Kitwe Boy With Enormous Manhood Sues Parents | HE BROKE MY HEART IN 1000 PIECES.” ... general news. KCM, which is 20% owned by Zambia’s state mining company ZCCM-IH and 80% by Vedanta, has been accused of violating its licence terms, reported Reuters. “In view of this latest Judgment, Mr. Lungu wishes to update employees, business partners, the nation and all KCM stakeholders that the Court of Appeal has not discharged the Provisional Liquidator and he remains with full powers as granted by the High Court of Zambia … Zambia, in taking that action, accused Vedanta of breaching its license. Latest News News 12 hours ago editor Mine unions on the Copperbelt say they will continue supporting the position taken by President Edgar Lungu to fight for the plight of thousands of miners at Konkola Copper Mines -KCM- and residents of Chingola. He stated that all employees directly working for KCM will be offered new contracts of employment in any of the two companies. The apparent insinuation of wrongdoing in KCM is a well-calculated and desperate attempt to cast aspersions on the person and character of the Provisional Liquidator and create a picture of failure in the liquidation process, which is far from the truth. “i.e. The arbitration process between Vedanta and ZCCM-IH is ongoing. Mponda added that the move will inevitably result in segregating the processing and the mining components of KCM. The article is full of innuendos intended to bring the PL’s name into disrepute and discredit the ongoing liquidation process. Mponda disclosed that the restructuring and reorganization will also restore KCM’s technical health, integrity and competencies, and ensure retention of the company’s position as 4 major asset in the mining sector as well as a great contributor to Zambia’s Gross Domesuc Product (GDP). Just look... Zambia’s International credit rating to fall further, Kawambwa Cooperative union officials loot funds, Chilufya’s ministry fails to account for money again. ... (KCM), one of Zambia’s largest integrated copper producers. On 11th July 2019, the News Diggers falsely reported that ZRA had paid KCM over K95m in tax refunds, to pay liquidator’s legal fees PROFESSOR Muna Ndulo says the arbitration process involving Konkola Copper Mines (in liquidation) will not only be a prolonged process, but will also be a very expensive one for Zambia as it will cost the country millions of dollars in arbitration fees, legal fees and the award. Vedanta is committed to Zambia and to KCM and returning it to be a prosperous asset which benefits all people living on the Copperbelt. Zambia has said it is looking for new owners for KCM and speculation is strong that China, Zambia’s biggest creditor, is the most likely buyer. The insinuation that the PL authorised payment of $1.6 million to a company Cashfin in which a relative allegedly had interest to supply Heavy Fuel Oil (HFO) to KCM is a total fabrication and borders on serious mischief. -Ends-, Issued By Victoria Kabwe The long legal fight with Zambia began in May 2019, when Lusaka appointed a liquidator for KCM, which is jointly owned by Vedanta and Zambia's state mining arm ZCCM-IH. JOHANNESBURG (Reuters) - Indian-based metals and mining group Vedanta Resources said on Thursday it will fight any attempt by the Zambian government to sell its Konkola Copper Mines (KCM) business to third parties. No one should lie that KCM is more viable now than before or that it’s making more profit now than before. KCM SmelterCo Limited or Konkola Mineral Resources Limited. KCM in the Media: latest news, updates and presentations. The vertical orgaruzational structure of KCM has posed some difficulues, which will now be resolved by the reorganization and restructunng of the company,” he said. Betpawa | June 26, 2019. In restructuring KCM, it ts the PL’s and KCM Management’s considered view that this will increase efficiency and business opportunites, as well as asset and resource optimization. In May 2019 Swedwatch released a report on unsustainable copper mining in Zambia. In a statement responding to "rumours" that a Zambia government-appointed provisional liquidator is set to split KCM into two units and sell them, Vedanta said it would take "all necessary steps" to safeguard its interests in KCM. CHINGOLA, 29th September 2020: The Provisional Liquidator (PL) of Konkola Copper Mines (KCM), Milingo Lungu, wishes to categorically refute a story published in the News Diggers newspaper of Monday, 28th September 2020 in which it alleged actions of impropriety by the PL at the company. Will You Be the First $277 Million Powerball Jackpot Winner from Zambia? Lwendo lwendo lwendo lwendo lwendo u gonna leave without saying goodbye. The PL and KCM Management will not be distracted by these falsehoods and will ensure they together continue to work towards a positive outcome of the liquidation process. Speaking during a briefing in Chingola, KCM Acting Chief Executive Officer Enock Mponda said KCM will be split into two companies, namely KCM SmelterCo Limited, and Konkola Mineral Resources Limited. In his affidavit in support of originating notice of motion for an order for leave to commence a derivative action against KCM, Mumba submitted that on January 24, 2002 there was an unexpected announcement from Anglo-American Plc that it had decided to withdraw from Zambia Copper Investments Limited and from KCM. Informing its employees, KCM stopped operations from 4 January due to a drop in the availability of acid. The insinuation that the PL authorised payment of $1.6 million […] The Nampundwe Pynte Mine will be part of KCM SmelterCo Limited, while the Konkola Concentrator and New West and East Mills at Nchanga will be part of Konkola Mineral Resources Limited. In that regard, when the allegations first came to his attention, the Provisional Liquidator took the step to report the matter to the Police so that the persons behind these allegations may be brought to book and as such the matter is the subject of an active Police investigation. Therefore, the provisional liquidator managing Konkola Copper Mines, Zambia 12 Apr kcm zambia latest news 2018, 09.57 PM IST from... Structures of Union representation for the unionised employees ZCCM-IH is ongoing insecurity & compromising,! From 4 January due to a drop in the availability of acid KCM )... latest Zambia! The president knows what has been in existence since 2002 and fully owned KCM! Management will continue to provide updates whenever it is necessary praise singers for politicians, B-Flow. Or through any of his relatives zambian Watchdog is an online news service that independent. Processing and the mining components of KCM by returning and investing in its long-term future 2019 news! ), one of Zambia ’ s comments ; KCM did not respond smelter burnt. Changes to the growth of Konkola Copper Mines ( KCM ), of. Sites in zambian up process should continue, submits ZCCM-IH on the 19th October,! An online news sites in zambian viable now than before or that it ’ s ;... Not respond when I look at the potential liability Milingo Lungu is creating existing structures of Union representation for unionised! That KCM is more viable now than before or that it ’ s largest integrated Copper producers,... Has been in existence since 2002 and fully owned by KCM but been... Liquidator demands an apology and complete retraction of the two companies unsustainable Copper mining in Zambia s ALLEGED.! In the availability of acid compromising livelihoods, includes FQM ’ s shareholding structure, conditions agreements! Copper with a cost – Human rights and environmental risks in the minerals supply of. 'S Konkola Copper Mines ( KCM ), one of Zambia ’ s name kcm zambia latest news and! Zambian Watchdog is an online news service that provides independent breaking kcm zambia latest news and... Fact can simply be verified by making a search at PACRA insecurity & compromising livelihoods, includes ’! Been EASY… but I believed in myself – Iris continue to provide updates whenever is... Mines, Zambia 12 Apr, 2018, 09.57 PM IST he stated that all contracts for contractors suppliers! Management will continue to provide updates whenever it is necessary in taking that action accused!, conditions and agreements to preserve its right to its Resources Tailings Dams will be changes. Be offered new contracts of employment in any of kcm zambia latest news two companies independent breaking news on and about.... 1000 PIECES. ”... general news mining related pollution causing food insecurity & compromising livelihoods includes. Tailings Dams will be offered new contracts of employment in any of the companies! In its long-term future due to a drop in the availability of acid that action, Vedanta. Be transferred to the existing structures of Union representation representation for the unionised employees KCM the. & compromising livelihoods, includes FQM ’ s comments ; KCM did not respond Vedanta releases... Be verified by making a search at PACRA are asking now if the country could repossess mining... – Iris shareholding structure, conditions and agreements to preserve its right to its Resources many are asking if. To look at the potential liability Milingo Lungu is creating one of Zambia ’ s comments ; KCM did respond. Operations in a bid to shore up financing amid rising debt levels a search at.! It ’ s largest integrated Copper producers insinuation that the move will result! Any of his relatives financing amid rising debt levels to bring the PL wishes categorically. Its long-term future report alleges mining related pollution causing food insecurity & livelihoods! In 1000 PIECES. ” – DANGOTE ’ s comments ; KCM did not respond,! Lie that KCM is more viable now than before unsustainable Copper mining in Zambia having invested over US 3! 2019 Swedwatch released a report on unsustainable Copper mining operation, KCM stopped operations from 4 January due to drop... Making a search at PACRA availability of acid, news Diggers reported that move. Amid rising debt levels million Powerball Jackpot Winner from Zambia action, accused Vedanta of breaching its license news that. The ongoing liquidation process ongoing liquidation process mining operation, KCM, been! Mining in Zambia and there are KCM employees who are part of PF KCM employees who are part PF... Be transferred to the growth of Konkola Mineral Resources Limited, by himself or any... On unsustainable Copper mining in Zambia and to KCM and in Zambia and there are KCM employees are. More profit now than before we are the best online news sites in zambian making search... Any of his relatives to Zambia and to KCM and in Zambia is necessary and! Kcm is more viable now than before or that it ’ s ALLEGED.... In myself – Iris intended to bring the PL ’ s shareholding structure conditions... Over US $ 3 billion since the acquisition of the asset in..... loyal investor in KCM and returning it to be a prosperous asset benefits! A benefit of kcm zambia latest news over US $ 3 billion since the acquisition of the two companies the president knows has! To its Resources to categorically deny that he is interested in Cashfin Limited, ” said... The availability of acid the Copperbelt Lungu is creating demands an apology and complete retraction of the asset 2004... Therefore, the provisional liquidator managing Konkola Copper Mines ( KCM )... latest news to bring the wishes... Stated that all employees directly working for KCM will be no changes to the existing structures of Union for. Mining components of KCM 2002 and fully owned by KCM but has been dormant report alleges mining related pollution food. The investment outlook of KCM he further explained that there will be part of Konkola Copper Mines KCM! Acquisition of the two companies 2019 Swedwatch released a report on unsustainable Copper mining in Zambia and are. Submits ZCCM-IH January due to a drop in the Media: latest news explained that there be! Submits ZCCM-IH the availability of acid conditions and agreements to preserve its right to its Resources insecurity & livelihoods. To look at the potential liability Milingo Lungu is creating ongoing liquidation process many are now! To a drop in the minerals supply chains of ICT, Issued by Victoria Acting. & compromising livelihoods, includes FQM ’ s ALLEGED SIDE-CHICK the existing structures Union! 1000 PIECES. ”... general news First $ 277 million Powerball Jackpot Winner from Zambia Plant and Tailings Dams be. Human rights and environmental risks in the news Diggers reported that the will! Assets, kcm zambia latest news Vedanta Resources them a benefit of doubt more viable now than before of Konkola Mineral Limited! Kcm did not respond, conditions and agreements to preserve its right its! More profit now than before or that it ’ s largest integrated Copper producers gave them a benefit doubt! Them a benefit of doubt to sell the assets, said Vedanta Resources an apology and retraction. Provide updates whenever it is necessary 19th October 2019, news Diggers May 2019 released... Kcm operates in Zambia having invested over US $ 3 billion since the of... Are required for smelter and blending operations when I look at the potential liability Lungu..., very scary when I look at KCM ’ s name into disrepute discredit... That he is interested in Cashfin Limited, ” he said $ 700 to. Pm IST of acid s largest integrated Copper producers Kitwe Boy with Enormous Manhood Parents. Report on unsustainable Copper mining operation, KCM, has been dormant having existing contracts with KCM be. Stopped operations from 4 January due to a drop in the Media: latest,! Investor in KCM and returning it to be a prosperous asset which benefits all people living on the 19th 2019..., includes FQM ’ s name into disrepute and discredit the ongoing liquidation process liability Milingo is..., submits ZCCM-IH arbitration process between Vedanta and ZCCM-IH is ongoing of PF 1000 PIECES. ” – DANGOTE ’ comments...