SA bank starts work finding KCM financier

RAND Merchant Bank (RMB), who have been appointed as financial advisor to Konkola Copper Mines plc (KCM), have commenced preliminary works at KCM aimed at finding a long term financial provider for the giant mine.

KCM Provisional Liquidator, Celine Meena Nair said in a statement that RMB has been appointed through the Government’s efforts to secure medium to long-term funding for KCM.

“Further to the announcement of September 28, 2022, in relation to the appointment of Rand Merchant Bank (RMB) as financial advisor to Konkola Copper Mines plc (KCM), the Company is pleased to inform stakeholders that RMB has commenced preliminary works at KCM leading to the search for a provider of long-term finance,” read the statement by Ms Nair.

She said RMB team is currently collecting information and data at KCM and conducting meetings with Management to enable the team to commence the valuation of the asset.

Ms Nair said the Banker is also setting up a data room to assist in dealing with queries from potential providers of long-term funding.

“The Merchant banker will also attend to enquiries already received from entities that have indicated willingness to meet KCM’s long term financial requirements,” she added.

Ms. Nair further said the commencement of works by RMB on their mandate is a major step towards the resuscitation of Konkola Copper Mines to ensure the Company increases its portion of the forecast total copper production of 3 million tons within the next nine years.

“We are optimistic that this process will fulfill the objectives to ensure KCM operations step up to the next level through implementation of key projects such as the Konkola Deep Mine to desired levels of production,” said Ms Nair.