MOPANI AND KCM CURRENTLY OWE APPROXIMATELY $200 MILLION TO OVER 400 MINE SUPPLIERS AND CONTRACTORS

Mopani Copper Mines and Konkola Copper Mines-KCM- currently owe approximately $200 million to over 400 Mine Suppliers and Contractors between them.

According to Association of Mine Suppliers and Contractor’s President Costa Mwaba, Mopani Copper Mines is in over 6 months arrears and owes more than $100 million to association members, hampering their progress and ability to settle liabilities and obligations.

In an interview, Mr. Mwaba clarifies that while KCM is currently liquidating its liabilities to suppliers and contractors, the mine still owes them more than $100 million from earlier debts dating back to the Vedanta days.

He has urged Mopani Copper Mines to pay off at least four months’ worth of debt as a lump sum, while KCM should equally consider paying off its old debts to suppliers and contractors.

Mr. Mwaba is also advocating for long-term solutions, including resolving issues confronting the two mines, particularly Mopani, which he says should seek to obtain funds by going to the market.