ZCCM-IH Offices, Lusaka – Konkola Copper Mines (KCM) is one of Zambia’s largest copper producers and one of the largest private sector employers in the country, with operations in four locations, namely Chingola, Chililabombwe, Kitwe and Nampundwe.
The majority shareholder of KCM is London-listed Vedanta Resources, which holds a 79.4% stake, while ZCCM-IH has a 20.6% shareholding in KCM.
KCM and ZCCM-IH have been engaged in discussions with regards to the price participation settlement agreement, which was entered into by both parties in December 2012.
On Friday 16th December, the High Court in London requested KCM to settle this amount with ZCCM-IH and resolve this matter within 28 days.
I am standing here today as part of a joint press briefing with the CEO of ZCCM-IH, Dr Pius Kasolo, to assure all of our stakeholders that we are working together to resolve this matter amicably and to reassure everyone that there is no risk to the KCM business.
We remain fully committed to fulfilling our financial obligations.
Vedanta remains committed to the Group’s operations in Zambia, which is reflected by the significant investment of over $3 billion in KCM since 2004.
Vedanta and KCM have a 50 year vision to continue mining copper in Zambia and we look forward to further strengthening our relations with all stakeholders, including ZCCM-IH.
Mr Steven Din
Chief Executive Officer