Message Ven 9 Nov 2018 17:29

ZCCM-IH refutes reports that Ndola Lime Company Limited is b

The Zambia Consolidated Copper Mines Investment Holdings has refuted reports suggesting that Ndola Lime Company Limited is being sold describing the claims as unfounded and false.

ZCCM-IH Public Relations Manager Loisa Kakoma explained that two former Ndola Lime employees applied to Court to place the company under supervision pursuant to the Corporate Insolvency Act number 9 of 2017.

Mrs. Kakoma said by order of the Court dated 5th October 2018, the Official Receiver was appointed as Interim Business Rescue Administrator of Ndola Lime and ZCCM-IH is seeking legal redress regarding the aforementioned proceedings.

She said ZCCM-IH has over the past 10 years invested over K1 billion in Ndola Lime Company in form of debt and equity in an effort to turnaround the loss-making operations of the Company into profitability.

Mrs. Kakoma said Ndola Lime has however faced several challenges among them technical, financial, market and human resource issues.

“The plant has been unable to produce to nameplate capacity because of failure to fully commission and optimise the new coal fired vertical kiln (“VK2”) due to technical factors. In addition, the company has been reporting losses over the past seven years with a current debt stock standing at approximately K800 million”, Mrs. Kakoma added.

She said ZCCM-IH remains committed to the affairs of Ndola Lime Company and will continue to pursue all activities that better the Company and ZCCM-IH’s investment.

Mrs. Kakoma said part of this includes the consideration of engaging technical staff from Ndola Lime Company to work in the ZCCM-IH new Cement Plant in Masaiti, as the technical processes and operations are similar.