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KCM may shut Down – Mwenda

By NATION REPORTER

KONKOLA Copper Mines (KCM) could easily shut down and 13, 000 jobs could be lost should Vedanta Resources and its creditors fail to agree on the scheme of arrangement, Kasonde Mwenda has warned.

Mr Mwenda says KCM Provisional Liquidator Celine Meena Nair has warned that the country is at a critical crossroads with a possibility of 13, 000 employees losing their jobs at one of Zambia’s largest copper mines should the talks between the mine and its creditors fail.

This comes as creditors and Vedanta prepare for a Lusaka High Court-sanctioned meeting to determine the fate of KCM, which is in liquidation.

Mr Mwenda, president of the Economic Freedom Fighters said crucial meeting between Vedanta and KCM creditors shall focus on how highly indebted Vedanta Resources plans to address the outstanding debts owed by KCM to its creditors. 

He said the outcome of the meeting would decide whether KCM would shut down, close, and by winding up business or resume operations. CLICK HERE TO READ MORE

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