KCM Liquidation terminated – KABUSWE

By Ruth Chayinda

The Lusaka High Court has approved Konkola Copper Mines -KCM- creditor’s scheme of arrangements.

And Mines Minister PAUL KABUSWE says following the Court ruling, KCM has been unlocked as the Liquidation has been terminated.

Mr. KABUSWE says the Court has since ordered that Vedanta Pays the initial 250 million U.S Dollars for contractors and suppliers, transfer of shares back to Vedanta and appoint new KCM board of directors.

He has also disclosed that the Contractors and suppliers are expected to start receiving their money within the month of July.

Mr. KABUSWE says this also means that Government will not step in to cushion KCM salaries as it has been doing in the past.

In a statement issued to ZNBC, Mr. KABUSWE thanked President HAKAINDE HICHILEMA, for the leadership and fulfillment of his promise for the Copperbelt Province and Zambia to revive the mining sector.