Q FM Africa's Modern Radio
Vice President Guy Scott says Konkola Copper Mines still remains viable as long as its disputes such as tax rebates and electricity prices are resolved.
Dr Scott told Parliament today during the Vice President’s question time in response to a question by Bwacha Member of Parliament Sydney Mushanga who wanted to know what the futures holds for KCM following recent happenings at the mining giant.
Dr Scott says government’s view is that Konkola Copper Mines needs a fresh capital injection.
He says this is the conclusion that has been arrived at by advisors, experts and consultants at the Ministry of Mines.
Dr Scott says government has put it to Vedanta Resources the majority shareholder in KCM that they needed to bring in more capital to recapitalize the mine, but that Vedanta has also responded that if it is to put in more capital ZCCM-IH as a shareholder in the mining company will have to do the same.
KCM is currently embroiled in a dispute over a $44 million electricity bill with the Copperbelt Energy Corporation which has resulted in power supply to the mine being restricted thereby paralyzing operations.