KCM operations worsening, says Simujika

OPERATIONS at Konkola Copper Mines are worsening, the liquidator must expedite the engagement with creditors so that the mine can be handed over to Vedanta Resources, National Union for Miners and Allied Workers president Saul Simujika has said.

Mr Simujika said the liquidator and other stakeholders mandated to initiate a meeting with creditors must do it as quickly as possible to save the mine from collapsing.

Mr Simujika said in an interview that mine unions were hoping that the giant mine will be handed over to Vedanta Resources this month but as it stands, nothing tangible has been done.

He said the mine unions and Zambians at large are aware of the legal process surrounding KCM but they should have been expedited for the mine to be recapitalised for operations to normalise.

“Mopani Copper Mines transaction came later after the KCM deal has been done, with Mopani we have seen things moving but with KCM nothing much has been done.

Of course, there are legal issues but those given the powers to oversee the deal must be seen pushing, we can’t be patient for a long time because the asset is going down and this will affect the nation,” Mr Simujika said.

Meanwhile, The Advocates for National Development and Democracy (ANDD) appealed to Government to ensure that the engagement with the creditors is done on time.

ANDD executive director Samuel Banda said Zambians are looking forward to see the mine start operating fully as it will contribute to revamping the ailing economy.

He said now that the government has handed over MCM, it is prudent that it does so with KCM because if the two mining giants begin to operate optimally, they will help in boosting the economy.

Mr Banda said this strategic move is well poised to bolster copper production and foster economic growth.

“This progressive milestone, though long overdue, will help change the socio-economic complexion of not only the Copperbelt but the country as a whole. This progressive development we believe will effectively stabilise the Kwacha against the dollar and other major convertible currencies. We also expect jobs and business opportunities to be created,” he said.