Thu. Oct 17th, 2019

Govt says NO to China Metals’ request of 5 days due diligence 

Konkola Copper Mines
Share and Like
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

By JOHN SAKALA
Government has refused to give China Nonferous Metals Corporation (CNMC) five days in which to carry out due diligence of Konkola Copper Mines (KCM).

CNMC had requested for five days in which to undertake due diligence of all the KCM units and department as one of the interested bidders for the mine.

Instead government has given each bidder three days in which to carry out due diligence of the mine.

To China which has set aside about US $60 billion to advance its interests in Africa seems to have landed on the much desired asset.

A-45-man delegation of Chinese mining experts, Lawyers, Water Engineers are in their day two today July 10, 2019 and will wind up their due diligence tomorrow.

The experts are drawn from other four CNMC mines in Zambia which are Luanshya Mines, Chambishi Copper Smelter, Sino Metals and Chambishi Non-Ferrous Africa Mining (NFCA).

The Independent Observer was told that only two Zambians from Human Resource and Public Relations are part of the delegation.

Another bidder is Cengiz Holding a Turkish conglomerate, with major interests in construction, energy, mining, and tourism.

Cengiz is said to be worthy about US $ 600 million far below even the debt of KCM.

This bidder will also be accorded three days to carry out the due diligence if their interests in KCM has not faded away.

But CNMC has pledged to clear all debts of KCM, multiply the number of workers, scrap off dollar rated employees in order to promote more income at middle management and the general worker, pay all suppliers and contractors, clear current Vedanta of anything they demand and maintain all suppliers and contractors.

According to the insiders, CNMC seems to be the only bidder with credence and capacity to revamp KCM and clear its indebtedness.

Leave a Reply