The Chairman of Vedanta, Anil Agarwal

 

Government says 9 investors from various countries have expressed interest in taking over Konkola Copper Mines (KCM).

Mines Minister Richard Musukwa said the companies have come from Russia, Canada Australia, Turkey and China.

And Mr. Musukwa said contrary to international media propaganda that government has already settled on an investor KCM, the investor will only be announced when all the interested companies conclude the due diligence process.

Due diligence is the investigation or exercise of care that a reasonable business or person is expected to take before entering into an agreement or contract with another party.

Meanwhile Mr. Musukwa has disclosed that Vedanta Resources still owes the Zambia Revenue Authority (ZRA) 3.1 billion Kwacha in taxes, while ZRA only owes it 1.4 billion Kwacha in VAT refunds.

The Minister was however quick to mention that of the 1.4 billion Kwacha which government owes Vedanta; 900 million Kwacha has already been Audited.

He says it has however been difficult for government to release the remaining balance because the company has been failing to release receipts of where they have been selling Zambian Copper.

The minister purely stated that in this case, Vedanta Resources owes government more that it is owed.

Meanwhile Mr. Musukwa said that KCM owes local and international contractors 2.5 billion dollars, but emphasised that the debt is slowly being dismantled.

He says priority in dismantling of debt has been given to contractors engaged in spurring production.

Meanwhile the Minister Purely stated that government will ensure that the investor who will take over the company remains compliant with the Zambian laws and puts Zambians’ interests first.

Mr. Musukwa was speaking during a joint press briefing with the minister of information and broadcasting Hon. Dora Siliya, Wednesday afternoon.

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