Q FM Africa's Modern Radio
Konkola Copper Mines (KCM) has an outstanding debt totaling US$1.5 billion, Parliament has heard today.
Mines deputy Minister Richard Musukwa has told Parliament in response to a question by Chipili Member of Parliament Davis Mwila who wanted to know what the total indebtedness for KCM was as of August, 2014.
Mr Musukwa told the house that of the total debt, $600 million is a short term liability, while $900 million is long term.
He says KCM has not been placed under liquidation because the business is not in a threatening situation requiring such a measure.
Meanwhile Finance Alexander Chikwanda says government owes mining companies K1.7 billion in VAT refunds.
Mr Chikwanda has told Parliament today that the Zambia Revenue Authority has been refunding the mining companies as and when they satisfy the requirements of the law by submitting the necessary documentation.