Africa-Press – Zambia. Celine Nair, the Official Receiver and Provisional Liquidator for Konkola Copper Mines Plc (KCM), has moved to clarify a recent report aired by Diamond Television news bulletin on 15th February 2024. Nair emphasized that the report contained inaccuracies and selectively presented information from an ongoing court matter.
Nair asserted that she had not issued any official statement regarding the transitional matters concerning KCM, particularly concerning the resolution between the government and Vedanta Resources Limited. The current focus is on the implementation of the Scheme of Arrangement, which aims to facilitate Vedanta’s complete takeover of KCM.
Addressing the ongoing process, Nair highlighted that the transition to Vedanta’s ownership is proceeding through a court-monitored procedure. She reassured stakeholders that once finalized, all creditors would be duly compensated in accordance with the agreed scheme.
Nair informed creditors to ensure their records are updated, as meetings will soon commence for verification and payment processes. She noted Vedanta’s contribution of $25 million as bridging finance to support KCM’s short-term operations.
In light of these developments, Nair urged stakeholders not to panic, emphasizing collaboration between the government, Vedanta Resources Limited, and KCM management to ensure a smooth transition.
Regarding the Diamond TV report, Nair criticized its misleading headline and stressed the importance of accurate reporting, especially considering the efforts to revitalize Zambia’s mining sector. She cautioned the public against adopting the narrative of KCM’s imminent closure.
Shapi Shachinda, General Manager Corporate Affairs, issued this statement on behalf of KCM, underlining the commitment of all parties involved to facilitate Vedanta’s full takeover of KCM and restore stability to the mining industry.
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