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“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 … Informing its employees, KCM stopped operations from 4 January due to a drop in the availability of acid. 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. Will You Be the First $277 Million Powerball Jackpot Winner from Zambia? Economy Vedanta Resource releases latest statement on KCM. CHOMBA MUSIKA, Lusaka ZAMBIA Consolidated Copper Mines – Investment Holdings (ZCCM … The imported concentrates are required for smelter and blending operations. 4. 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. Polo Club hosts Lusaka July. 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. Latest News Kitwe Boy With Enormous Manhood Sues Parents | HE BROKE MY HEART IN 1000 PIECES.” ... general news. All Rights Reserved. Zambian Watchdog is an online news service that provides independent breaking news on and about Zambia. 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. The insinuation that the PL authorised payment of $1.6 million […] 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 News KCM winding up process should continue, submits ZCCM-IH. ... (KCM), one of Zambia’s largest integrated copper producers. Remember KCM operates in Zambia and there are KCM employees who are part of PF. ... Latest News… Top US dance company to tour Zambia. 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 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. Management will continue to provide updates whenever it is necessary. 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. 2. 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. KCM in the Media: latest news, updates and presentations. Zambia: Report alleges mining related pollution causing food insecurity & compromising livelihoods, includes FQM’s comments; KCM did not respond. 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. Lungu Wins Tight Presidential Election; ECL 1, 860, 877 Hichilema 1, 760, 347, Muvi TV & Komboni Radio Licences Revoked For Alleged Misconduct, 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. According to the global miner’s latest preliminary market report released this weekend, KCM recorded a slump of 19.2 per cent … He stated that all employees directly working for KCM will be offered new contracts of employment in any of the two companies. 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. 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. 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. He was known as Northern Rhodesia during the colonial era and its current name … Data is currently not available. 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. © 2021 Zambia Reports. Scary, very scary when I look at the potential liability Milingo Lungu is creating. 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. He said Zambia needs to look at KCM’s shareholding structure, conditions and agreements to preserve its right to its resources. July 26, 2019. 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. So the president knows what has been happening, but he gave them a benefit of doubt. 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. 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 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. 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 ZAMBIA has appointed a legal firm to act as provisional liquidator of Konkola Copper Mines (KCM), the assets owned by Indian firm, Vedanta.. Latest News and breaking from Zambia » Lusaka : Zambia is a country landlocked located in south-central Africa. 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. This means that the employees for the third party companies will be retained by their employers because there will be no material changes made that could alter the existing contracts, apart from the novation of the commercial Contracts from KCM Plc to Konkola Mineral Resources Limited and/or KCM SmelterCo Limited,” he said. 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. 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. 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. HE BROKE MY HEART IN 1000 PIECES.” – DANGOTE’S ALLEGED SIDE-CHICK. 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. 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). 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. The article is full of innuendos intended to bring the PL’s name into disrepute and discredit the ongoing liquidation process. 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. He disclosed that all contracts for contractors and suppliers having existing contracts with KCM will be transferred to the two companies. 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.”. Pollution causing food insecurity & compromising livelihoods, includes FQM ’ s name into disrepute and discredit ongoing... News Diggers reported that the move will inevitably result in segregating the processing the... The availability of acid since 2002 and fully owned by KCM but has been happening, but gave... 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