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KCM describe as lies reports of disposing assets in Zambia
Saturday, 14 May 2011
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Konkola Copper Mines described as lies reports of its disposing of some of its assets in Zambia to a rival company in which the latter is said to have injected capital.
Ms Jacqueline Kabeta spokeswoman of KCM stated that it was unfortunate that a report, indicating that the miner had disposed of part of its assets at Nkana in northern Zambia to Mopani Copper Mine was published.
Ms Kabeta dismissed and contended that it was a blatant lie by reports in the local media regarding the ownership status of its Nkana smelter. The smelter which was put under care and maintenance in 2009 remains the property of Konkola Copper Mines. At no time has the company considered disposing of the asset to Mopani Copper Mines or any other mining house. Reports suggesting that Mopani is set to invest billions of dollars in the Nkana smelter are therefore unfounded and misleading.
Vedanta Resources Plc with investment in excess of USD 1.6 billion in its Zambian operations owns 79.4% in Konkola Copper Mines with Zambia Consolidated Copper Mines owning the remaining asset value.
Konkola Copper Mines, with a labor force of more than 10,000 workers, mainly Zambians has increased its investment in the country as evidenced by the opening of various units within its operations. Operations include the Konkola Deep Mining Project which seeks to further increase copper output by the country’s major producer. Others include Nampundwe Refractory mine.
Mopani Copper Mine, JV between First Quantum Minerals and Swiss based Glencore AG intl own more than 70% in Mopani units that embrace Mufulira and part of Nkana mine with Zambia Consolidated Copper Mine owning part of the equity in the operations.