Therefore, the Provisional Liquidator demands an apology and complete retraction of the false story in the News Diggers. KCM SmelterCo Limited or Konkola Mineral Resources Limited. Zambia… Many are asking now if the country could repossess private mining operations in a bid to shore up financing amid rising debt levels. News KCM winding up process should continue, submits ZCCM-IH. Management will continue to provide updates whenever it is necessary. KCM in the Media: latest news, updates and presentations. Polo Club hosts Lusaka July. Latest news and breaking news for Zambia, world, entertainment, politics, Style, Crime, Court, Religion and health at zambianobserver.com 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. 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. 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. All employees, business partners and other stakeholders should endeavor to protect this important organization, Konkola Copper Mines, which is not only the biggest private sector employer but also occupies a strategic position in Zambia’s economy.”. 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 The government plans to introduce a new … On the 23rd December 2019, News Diggers again reported a fabricated story that several miners were trapped underground and the KCM was experiencing major maintenance problems since the liquidation process commenced. 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. -Ends-, Issued By Victoria Kabwe The PL wishes to categorically deny that he is interested in Cashfin Limited, by himself or through any of his relatives. Latest News Kitwe Boy With Enormous Manhood Sues Parents | HE BROKE MY HEART IN 1000 PIECES.” ... general news. It borders the Democratic Republic of Congo to the north, Tanzania to the northeast, Malawi and Mozambique to the east, Zimbabwe and Botswana to the south, southwest Namibia and Angola to the west. He further explained that there will be no change to the existing structures of Union representation. “i.e. The article is full of innuendos intended to bring the PL’s name into disrepute and discredit the ongoing liquidation process. “The Provisional Liquidator calls on all employees, KCM business partners and concerned stakeholders to support a smooth transition following the operationalization of the two companies for the benefit of the employees, other stakeholders and the Zambian economy. 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 Provisional Liquidator has noted a systematic and consistent fabrication of stories against the company by the News Diggers, whose intention is to create falsehoods that there is failure in the managing the company. This will inevitably result in segregating the processing and the mining components of KCM. Mponda added that the move will inevitably result in segregating the processing and the mining components of KCM. Betpawa | June 26, 2019. 1. 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. This fact can simply be verified by making a search at PACRA. Will You Be the First $277 Million Powerball Jackpot Winner from Zambia? Zambia, in taking that action, accused Vedanta of breaching its license. 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 … So the president knows what has been happening, but he gave them a benefit of doubt. 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. The protracted 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. Lungu Wins Tight Presidential Election; ECL 1, 860, 877 Hichilema 1, 760, 347, Muvi TV & Komboni Radio Licences Revoked For Alleged Misconduct, Pres. 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. Top US dance company to tour Zambia. Zambia's largest copper mining operation, KCM, has been liquidated. Vedanta is committed to significantly improving the investment outlook of KCM by returning and investing in its long-term future. We’re systematically ending load shedding – Zesco . 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 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. 4. 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. The arbitration process between Vedanta and ZCCM-IH is ongoing. 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). In May 2019 Swedwatch released a report on unsustainable copper mining in Zambia. This is not the first time that such false allegations of impropriety have been made as can be proved from some of the headlines highlighted below: 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. 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. 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. 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. ... LATEST NEWS . Latest news FOCUS: KCM liquidation order - what is at stake, what will happen to Zambian copper industry? He disclosed that all contracts for contractors and suppliers having existing contracts with KCM will be transferred to the two companies. Vedanta is committed to Zambia and to KCM and returning it to be a prosperous asset which benefits all people living on the Copperbelt. 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. Latest News and breaking from Zambia » Lusaka : Zambia is a country landlocked located in south-central Africa. 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. 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. Recently, rumours surfaced that the provisional liquidator appointed by the Zambian government is set to separate KCM … And KCM assistant provisional liquidator, Mr Kutawa Chamunda stated that Konkola Copper Mines (KCM) is aggrieved by judge Phiri’s decision. HE BROKE MY HEART IN 1000 PIECES.” – DANGOTE’S ALLEGED SIDE-CHICK. 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. The insinuation that the PL authorised payment of $1.6 million […] “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. No one should lie that KCM is more viable now than before or that it’s making more profit now than before. 2. ... (KCM), one of Zambia’s largest integrated copper producers. Data is currently not available. 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. The employees, who are currently working for KCM, will all be paid severance packages in agreed form to ensure that all old Liabilities are cleared, and reengaged seamlessly by the two separate Companies, with no job losses,” he said. 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. 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. 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. He was known as Northern Rhodesia during the colonial era and its current name … Oliver Chisenga | July 5, 2019. ZAMBIA has appointed a legal firm to act as provisional liquidator of Konkola Copper Mines (KCM), the assets owned by Indian firm, Vedanta.. 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 “Effective 1st February 2021, the new companies will begin to operate under the names KCM SmelterCo Limited, and Konkola Mineral Resources Limited, respectively, with two separate Management structures and employee arrangements. 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. Vedanta’s Chairman outlined his 50-year vision for mining in the Copperbelt and his plans for investing another $1billion for the next phase of … Artistes not praise singers for politicians, says B-Flow. The report titled Copper with a cost – Human rights and environmental risks in the minerals supply chains of ICT. On the 19th October 2019, News Diggers reported that the Nchanga smelter had burnt down, when not He said Zambia needs to look at KCM’s shareholding structure, conditions and agreements to preserve its right to its resources. Informing its employees, KCM stopped operations from 4 January due to a drop in the availability of acid. 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 […] Zambian Watchdog is an online news service that provides independent breaking news on and about Zambia. The Mast | July 26, 2019. Lwendo lwendo lwendo lwendo lwendo u gonna leave without saying goodbye. Economy Vedanta Resource releases latest statement on KCM. 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Speaking during a briefing in Chingola, KCM … Zambia: Report alleges mining related pollution causing food insecurity & compromising livelihoods, includes FQM’s comments; KCM did not respond. THE provisional liquidator managing Konkola Copper Mines (KCM) was continuing to seek opportunities to sell the assets, said Vedanta Resources. 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. 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. 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… 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. “There will be no changes to the existing structures of union representation for the unionised employees. 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. Zambia's Konkola Copper Mines (KCM) ... Latest News. ... loyal investor in KCM and in Zambia having invested over US$3 billion since the acquisition of the asset in 2004. We are the best online news sites in Zambian. According to the global miner’s latest preliminary market report released this weekend, KCM recorded a slump of 19.2 per cent … Remember KCM operates in Zambia and there are KCM employees who are part of PF. The 500 TPD Acid Plant and Tailings Dams will be part of Konkola Mineral Resources Limited,” he said. The imported concentrates are required for smelter and blending operations. Scary, very scary when I look at the potential liability Milingo Lungu is creating. The News Diggers has intentionally chosen to print falsehoods to shore up the image of Vedanta Resources, when the shambolic management of KCM under Vedanta is actually the reason the government placed the company in liquidation. July 26, 2019. KCM SmelterCo Limited has been in existence since 2002 and fully owned by KCM but has been dormant. Oliver Chisenga | July 13, 2019. 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. 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. Acting Public Relations & Communication manager. Mr Nyangu said despite all the incentives that the mines have been given, their contribution to the country’s gross domestic product (GDP) is still low at 10 percent. Citing a court document, Reuters said Zambian law firm Lungu Simwana & Company had been appointed as administrator.This comes a day after Zambian president, Edgar Lungu, stripped KCM of its mining licence. ... Latest News… 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. 3. Vedanta pledges $700 million to the growth of Konkola Copper Mines, Zambia 12 Apr, 2018, 09.57 PM IST. All Rights Reserved. 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. “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 … Those represented by the Mineworkers Union of Zambia (MUZ), the National Union of Mining and Allied Workers (NUMA) and the United Mineworkers Union of Zambia (UMUZ) will continue to be members of ther respecave unions, which are the recognized partners of Konkola Copper Mines,” he said. 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. Lungu is a cruel sadist, says Fred M’membe, Minister Banda’s tribal statement rejected, Lungu would celebrate Hichilema’s death – says Kalala, PF Parliamentarian candidate dupes voters. 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. © 2021 Zambia Reports. He stated that all employees directly working for KCM will be offered new contracts of employment in any of the two companies. 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. CHOMBA MUSIKA, Lusaka ZAMBIA Consolidated Copper Mines – Investment Holdings (ZCCM … 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. 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. 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. 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