KCM agrees to pay $103M owed to ZCCM-IH

Konkola Copper Mines (KCM) has agreed to pay the US$103 million which the London High Court ordered the mining company to pay ZCCM Investments Holdings (ZCCM-IH) in a judgment last week.

Steven Din

KCM Chief Executive Officer, Steven Din says KCM is working with ZCCM-IH to amicably resolve the matter of the unpaid sums which date as far back as 2012.

Speaking during a joint news conference with ZCCM- IH Chief Executive Officer Pius Kasolo in Lusaka today, Mr. Din said the settling of the US$103 million poses no risk to the business of KCM.

Mr. Din states that KCM remains committed to fulfilling its financial obligations.

He adds the London Listed Vedanta Resources, which is the majority shareholder of KCM with a stake of 79.4 percent, also remains committed to the group’s operations in Zambia.

And Dr. Kasolo has clarified that ZCCM-IH’s decision to obtain the London High Court judgment against KCM was not a deliberate attack on its partner or a quest to injure the mining company.

He says the Court action was undertaken because ZCCM-IH is also answerable to its shareholders and various stakeholders who include the Zambian people.

Dr. Kasolo states that ZCCM-IH thus remains committed to ensuring that KCM operations continue in Zambia by rendering the necessary support to ensure that its stake in mine is also enhanced.