Konkola Copper Mines Begins Paying Creditors
Beginning with the municipal and city councils in the Copperbelt, Konkola Copper Mines (KCM) has started to pay its creditors following the company’s successful avoidance of liquidation by Vedanta Resources.
On July 26, a High Court Judge issued an ex parte order to halt the winding-up petition against KCM and reinstated the Board of Directors.
To date, Chingola Municipal Council has received over K26 million, Chililabombwe has received K8 million, and Kitwe City Council has received K14 million.
KCM’s Chief Financial Officer, Manish Saxena, expressed gratitude to the creditors for their patience during the company’s recent challenges.
Kitwe City Council Town Clerk, Patrick Kambeta, noted that KCM’s payments to the councils signify the Copperbelt economy’s path to regaining its former prosperity.
Mr. Saxena emphasized that KCM’s commitment to paying its class 1 and 2 creditors will bolster the financial health of various local councils and businesses. KCM will adhere to the payment process guidelines set out in the Scheme of Arrangement to avoid unnecessary delays.
