KONKOLA Copper Mine (KCM) liquidator Milingo Lungu has started restructuring the mine with Zambia Consolidated Copper Mines Investments Holdings (ZCCM-IH) technical manager Moses Chilambe being appointed as head of the business unit in Chililabombwe.
Minister of Mines and Minerals Development Richard Musukwa said the liquidator wants the mine to have a team of competent people to take it to the next level.https://epaper.daily-mail.co.zm/
In accordance with the requirements of the Lusaka Securities Exchange Listings Rules (“LuSE Listings Rules” or the ”Rules”), shareholders of ZCCM Investments Holdings Plc (“ZCCM-IH” or the “Company”) are advised that ZCCM-IH has on 21 May 2019 filed a petition in the High Court of Zambia for the winding up of Konkola Copper Mines Plc. ZCCM-IH has filed the said petition pursuant to section 56 (1) (c) of the Corporate Insolvency Act No. 9 of 2017. By Order of the Court, Mr Milingo Lungu of Lungu Simwanza & Company has been appointed as provisional liquidator.
Shareholders of ZCCM-IH are accordingly advised to exercise caution when dealing in securities of the Company until further information is published.
By Order of the Board
Chabby Chabala
Company Secretary
Issued in Lusaka, Zambia on 23 May 2019
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First Issued on 23 May 2019
Zambia has recorded a marginal increase in its copper production for 2018 to around 861,946 metric tonnes from 799,329 tonnes recorded in 2017, boosted by First Quantum Minerals’ (FQM) operations in Kalumbila District.
But last year’s increased copper output still means that Zambia remains Africa’s second-biggest producer of the red metal, with the Democratic Republic of Congo (DRC) expected to hit over 1.2 million metric tonnes.
According to the official Ministry of Mines data, Zambia’s total copper production last year marginally rose to an estimated 861,946 tonnes from 799,329 tonnes recorded in 2017.
The total copper production included all of the country’s 10 large scale mining operations as well as small-scale mining operations, which accounted for at least 10,859 metric tonnes from the total tonnage.
Data reveals that although FQM’s Kansanshi Mining Plc recorded a marginal drop of 249,532 tonnes last year from 250,803 tonnes in 2017, its output in 2018 was the highest among all 10 mining companies in the country for a third successive year.
Additionally, Ministry of Mines Permanent Secretary Paul Chanda explained that FQM’s Sentinel Copper Mine in Kalumbila District produced record output of 223,655 metric tonnes, which helped contribute to Zambia’s overall copper production increase.
“The performance of the sector was better in 2018 relative to 2017. The increase in copper production is attributed to: i. The ramp-up in production at Kalumbila; ii. Improved plant availability and utilization at the Tailings Leach Plant at KCM coupled with higher grades; iii. Commissioning of the Synclinorium Shaft at Mopani in Kitwe has increased volume of ore being hoisted,” Chanda explained in a statement released, Wednesday.
Both Kansanshi and the Sentinel’s copper output last year constitute for 473,187 tonnes out of the country’s total production or nearly 55 percent from just two operations.
And 6 other mining companies equally recorded upward copper production output last year.
These included: Mopani Copper Mines, whose output hit 62,191 metric tonnes from 44,860 tonnes in 2017; Konkola Copper Mines (KCM), whose output rose to 93,165 tonnes last year from 84,436 tonnes in 2017; Chibuluma Mines, who recorded 11,258 tonnes in 2018 from 10,194 tonnes in 2017; CNMC Luanshya, whose output increased to 50,363 tonnes last year from 43,206 tonnes in 2017 and Sino Metals, who recorded 9,312 tonnes from 7,100 tonnes, while Lubambe’s copper production hit 22,074 tonnes from 18,037 tonnes during the period under review respectively.
On the other hand, Barrick Gold’s Lumwana Copper Mine saw its output fall to 101,890 tonnes last year from 116,170 tonnes in 2017, while NFCA recorded 27,644 tonnes down from 27,706 tonnes during the period under review respectively.
But Zambia’s increased 2018 copper production still means that the country remains Africa’s second-biggest producer of the red metal, with the DRC expected to hit over 1.2 million metric tonnes.
The DRC first managed to surpass Zambia as the continent’s biggest copper producer after that country managed to produce over 900,000 metric tonnes of copper in 2013, registering a sharp rise and surpassing Zambia’s 754,916 tonnes produced that year.
Source: News Diggers
Copperbelt Minister Japhen Mwakalombe has outlined the Government’s commitment towards the growth of Konkola Copper Mines (KCM), saying enhanced operations are a springboard for creating jobs and increasing government revenue.
The minister was speaking when he toured KCM operations on Wednesday, 12 September, on a familiarization visit. He was accompanied by Chingola Mayor Titus Tembo, District Commissioner, Mary Chibesa and Nchanga Member of Parliament Hon. Chali Chilombo.
“The Government values KCM and wants to see the company grow. The country’s economy is driven by the private sector and so Government would like to maintain good relations with the sector,” he said.
Hon. Mwakalombe said that the Government was aware of the challenges KCM was facing and called for dialogue between the company and its stakeholders in order to find solutions.
The Minister also said he would champion the diversification of the Copperbelt economy into agriculture, aided by mining in order to reduce dependency and pressure on existing mines.
“There is heavy dependence on the mines, which puts them under a lot pressure hence the need to diversify into agriculture in the province. Most youths just supply to the mines and can’t venture into other things,” The Minister added.
KCM Chief Operating Officer Frank Russo-Bello said KCM was committed to the development of the Copperbelt and the entire economy in spite of some cash flow challenges affecting the business.
Mr Russo-Bello said KCM had initiated measures to raise production and improve its cash flows.
“Our focus is to expand and raise production safely in order to improve cash flows and so we have put in place initiatives such as the Safe 400+ tonnes per day campaign, which is the key driver to raise copper ore production at both the Nchanga and Konkola mines,” Mr Russo-Bello said. “Other initiatives include explorations for new resources and options to develop open pit mines into underground mines.”
He said KCM appreciated the Government’s stance to assist in resolving valued added tax (VAT) refunds, a matter that is receiving attention at top leadership levels of Government and Zambia Revenue Authority (ZRA). He also pledged KCM’s resolve KCM to settle payments to its suppliers.
Source: KCM News
Vedanta Resources today announced the appointment of Ms Deshnee Naidoo, as the Chief Executive Officer – Africa Base Metals. Ms Naidoo’s appointment signals the Vedanta group’s ongoing commitment to enhancing its African operations, and will seek to identify and drive synergies across these operations in terms of operational excellence, procurement, marketing, people development, and the investment in communities, in line with the group’s vision of business with purpose.
Ms Naidoo will combine the leadership of Konkola Copper Mines (KCM), in Zambia, and Vedanta Zinc International (VZI), in South Africa and Namibia, as well as Copper Mines of Tasmania. In this role she will also assume responsibility of Chief Executive Officer, KCM and will drive synergies across ZI and KCM. Ms Naidoo’s appointment coincides with the departure of Steven Din, KCM’s current CEO, who will leave Vedanta group this July.
Ms Naidoo joined Vedanta Resources in 2014 with over 20 years’ experience in the resources industry, including platinum, thermal coal and manganese. Prior to joining the Vedanta Group, she was Chief Financial Officer of Anglo American Thermal Coal, South Africa. As CEO of VZI she has led the development of the US$400 million Gamsberg Project, which will come into production in mid-2018, as well as the development of the Pit 112 Project at Skorpion Zinc.
Chairman of Vedanta Resources, Mr. Anil Agarwal commented, ‘’Deshnee has successfully brought on new production at Gamsberg and won the respect and confidence of the teams that she leads. I’m delighted that we have a woman leader from Africa at the helm of our African operations. We have strong ambitions for our business in Africa and Deshnee is committed to deliver on these.’’
KCM is one of the most attractive resource assets in the world with potential to reach 400 ktpa of integrated copper production in the near term. The Southern African operations have the potential to become one of the largest zinc producing regions in the world, while the investment in KCM will enable Zambia to become the largest copper-producing country in Africa.
Speaking about Steven’s move, Mr. Agarwal said, “We warmly thank Steven for all his valuable contribution to Vedanta and KCM over the last four years, where he successfully steered the business through one of the major copper price slumps. He enhanced the safety culture and initiated a programme to transform KCM and aligned the workforce to Vedanta’s vision to produce 400,000 tonnes Copper. I wish him every good fortune and thank him for his services to Vedanta, KCM and to the communities in the Copperbelt and Zambia. Steven’s departure from KCM creates the opportunity for Deshnee to step into the CEO – KCM role whilst the larger Africa role enables more collaboration and synergies across the continent and Southern Africa”.
About Vedanta Zinc International
Vedanta Zinc International (VZI) – headquartered in Johannesburg, South Africa – is a grouping of zinc assets located in South Africa, Namibia and Ireland, owned by India-based Vedanta Limited, a listed subsidiary of Vedanta Resources plc.
Operations include:
• Black Mountain Mining (BMM) and the associated flagship Gamsberg Project in South Africa’s Northern Cape province;
• Skorpion Zinc Mine and Refinery in the //Kharas region of Namibia.
Mining and milling at the Lisheen Mine in Ireland was concluded in December 2015 after 17 years of operation and the mine is currently in an active closure mode.
VZI’s vision is to create an integrated world-class regional zinc complex comprising the BMM (including Gamsberg) and the Skorpion Zinc mining and refining operations. To date, Vedanta Resources has invested over $1.7 billion in Southern Africa, and contributed over R100 million in CSR projects in South Africa and Namibia over the last 5 years.
About Konkola Copper Mines
Konkola Copper Mines Plc (KCM) is one of the leading integrated copper producers in Africa, and aims to become a major global copper producer. KCM is primarily engaged in the exploration for, mining, production and sale of copper and copper by-products.
KCM’s operations are located in the Copperbelt and Central Provinces, and include open pit mines, underground mines, several concentrators, a leaching plant, a state-of-the-art flash smelter, a modernized refinery and a sulphuric acid plant. We recently sank Zambia’s first post-independence era mining shaft as part of the Konkola Deep Mining Project (KDMP). This 1,500 metre shaft has ensured KCM’s longevity, by allowing for the access of the deep Konkola ore body and extending the mine life by over 25 years.
KCM is currently one of Zambia’s largest private sector employers with over 13,000 employees.
The state-owned mining company Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) is the other shareholder in KCM, controlling a 20.6% stake in the company. KCM enjoys a strong relationship with the Zambian government and is a committed partner in improving the economic prospects of the country through our operations and other activities
About Vedanta Resources plc
Vedanta Resources plc (Vedanta) is a London listed diversified global natural resources company. The group produces aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Liberia, Australia and Sri Lanka. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of trust, sustainability, growth, entrepreneurship, integrity, respect and care. For more information, please visit www.vedantaresources.com.
Source: vedanta zinc international
Konkola Copper Mines (KCM) reported total revenue of K12,251.43 million (US$1,283.0 million) for the financial year ended 31st March 2018 [(2017:K8,621.47 million (US$874.3 million)]. The increase in revenue was attributed to higher metal prices and increased sales volumes. The net loss for the year was at K1,102 million (US$115.4 million) [(2017: K1,367.72 (US$138.7 million loss)].
Total finished copper production during the financial year increased by 9 percent to 195,300 tonnes for the year ending March 2018 (2017: 179 800 tonnes) compared to the previous financial year.
During the year under review, KCM mine metal production volumes remained subdued as lower feed grades and lower copper recoveries at the Tailings Leach Plant offset improvements in production output at both Nchanga and Konkola.
Moving forward, KCM’s strategy continues to be underpinned by vigorously pursuing higher operating productivity levels at the Konkola underground mine, improving recoveries at the Tailings Leach Plant facility, increasing utilisation of the smelter and cost containment.
There were no dividends declared during the year under review (2017: Nil).
KALONDE NYATI, Lusaka
KONKOLA Copper Mines (KCM) has paid out about US$70 million to ZCCM-Investment Holdings (IH) in claims as at December last year.
ZCCM-IH chief executive officer Pius Kasolo said in an interview on Monday that KCM has been making monthly payments to the company.
In 2016, the English High Court granted default judgment in favour of ZCCM-IH in its claim against KCM, brought pursuant to a settlement agreement entered by the parties in 2013, for a sum of US$103 million.
The claim relates to outstanding payments under a 2013 copper price participation settlement agreement between ZCCM-IH and KCM.
Source: Zambia Daily Mail Limited
Konkola Copper Mines has commissioned new, state of the art x-ray medical facilities at its Nchanga South Hospital in Zambia valued at over US$135 000.
The x-ray facilities are expected to speed up radiological diagnostic services for the Konkola Copper Mines medical services which currently serve a catchment population of over 63 000 in four towns, namely: Chililabombwe, Chingola, Kitwe and Nampundwe.
Chingola District Commissioner Mary Chibesa, who commissioned the facilities, said that the facilities would not only benefit mine employees and commended Konkola Copper Mines for their longstanding partnership with the government to delivering quality healthcare.
“My government appreciates the long standing relationship with Konkola Copper Mines and it is our desire to sustain this mutual cooperation aimed at improving the quality of life of the Zambian people,” she said.
Acting Konkola Copper Mines CEO, Enock Mponda, reiterated the company’s commitment to the health and safety of its employees as top priority and stated that the company would continue to ensure that the health and safety of its workforce remained paramount as it embarks on its rigorous growth plan.
“The health and safety of our people is the number one priority for management. By firstly providing our employees with the best possible health care and ensuring that everyone is healthy and well, only then can we can focus on growing production and taking Konkola Copper Mines to even greater heights,” he said.
Konkola Copper Mines manager for medical services Edward Chilekwa hailed the new facilities as a big step in raising the standards of radiological diagnostic services and overall patient care at the Konkola Copper Mines medical facilities.
“The x-ray machine is something we have been looking forward to and it couldn’t have come at a better time than this as it will help us improve diagnostic quality. I am positive that this upgrade will enable our staff to serve patients in much more efficient manner,” said Dr. Chilekwa.
Source: Mining Review
An English Court has awarded ZCCM Investment Holdings PLC an addition 36 million U.S dollars in claims against Konkola Copper Mines -KCM.
This is was as a result of unpaid sums due to ZCCM IH pursuant to a settlement agreement entered by the parties in 2013.
This brings the total amount awarded to ZCCM IH to 139 million US dollars in claims against Konkola Copper Mines.
The court has also given directives for the inquiry to determine whether KCM had breached the settlement agreement by making payments to Vendetta group of companies whilst sums remained due and owing to ZCCM-IH.
ZCCM-IH Executive Director Pius Kasolo disclosed this at a media briefing in Lusaka on Tuesday.
Dr Kasolo said the parties have since agreed a repayment plan for the recovery of the additional sums which consists of 21 equal months instalments together with interest at three percent.
He said the final payment is expected on August 31st, 2019.
Dr Kasolo said partners should not take the move as a deliberate attack on them but a move that will make the investment holdings answerable to Zambians.
He however, said that ZCCM IH remains committed to ensuring that the KCM operations continue in Zambia.
Dr Kasolo said ZCCM IH will continue to provide the necessary support to ensure the value of the stake in the company.
Source: ZNBC
ZCCM-INVESTMENT Holdings (IH) has todate received US$47 million in payments to recover over US$100 million owed by Konkola Copper Mines (KCM). Last year, ZCCM-IH commenced legal proceedings against KCM Plc in the London Courts to recover over US$ 100 million it was owed after the court’s ruling that the latter pays ZCCM-IH.
ZCCM-IH chief executive officer Pius Kasolo said the two organisations which, continue to enjoy a cordial relationship, agreed on a payment plan and has been making payments from January to April.
“KCM paid US$20 million, US$22 million in February US$2.5 million in March and another US$2.5 million in April.
“Subsequent to the judgment ZCCM-IH and KCM agreed on a payment plan favourable for both parties in the interest of the business. KCM has since been making payments as agreed, and I must say we continue to work together as partners,” he said.
Dr Kasolo said ZCCM-IH remains committed to work closely with mining companies as they are partners in the development of the country and is confident about the fundamentals of the mining industry in general and those of copper.
“Overall, we will continue to grow our portfolio beyond mining and will further increase our foothold in the energy sector, agriculture sector and real estate so that the company continues to maximise shareholder value.
“We are focused on driving sustainable long-term growth and value creation in our investment portfolio,” Dr Kasolo said.
Source: Daily Mail