KCM SOLUTION IN SIGHT - NG’ANDU

GOVERNMENT will sooner rather than later find a permanent solution to the problems at Konkola Copper Mine (KCM) which has been under provisional liquidation for more than one year, Finance Minister Bwalya Ng'andu has said.

Dr Ng'andu said Government was working hard to find a permanent solution to secure jobs and assets at the giant mining company.

The minister was speaking yesterday at KCM general offices in Chingola before touring the smelter and other departments.

Dr Ng’andu is leading a delegation of ministers to look at the challenges the mining sector was facing and to establish better ways of getting the economic-backbone back to sustainable and productive levels.

"President Edgar Lungu sent us here with a clear objective and that is to understand the challenges the mining sector is facing and find ways of sustaining mining without job losses.

"This is why we need to find a solution to KCM, which has been under liquidation for a year. Liquidation is not a permanent situation, it is a temporal situation, and hence Government will find a permanent situation to secure jobs and assets at KCM. This has to be done sooner than later," Dr Ng'andu said.

Vedanta Resources Limited acquired KCM in 2004 at 79.4 percent shareholding with ZCCM-IH investment maintaining 20.6 per cent shares for operations at Nchanga in Chingola, Konkola in Chililabombwe, Nkana in Kitwe and Nampundwe.

However, last year the mine was placed under provisional liquidation after suffering a series of liquidity and operational problems.

Meanwhile, Mines Minister, Richard Musukwa, said it was Government's desire to see that a permanent solution was found at KCM.

Mr Musukwa said Government would find an equity partner to guarantee the jobs security for the miners.

And KCM provisional liquidator, Milingo Lungu, said Government had continued to show keen interest in addressing the challenges facing the mining industry

"For the President to send his ministers to the Copperbelt to see how challenges in the mining industry can be resolved, it shows how much he cares about the sector," Mr Lungu said