Further to the announcement of 28th September 2022, in relation to the appointment of Rand Merchant Bank (RMB) as financial advisor to Konkola Copper Mines plc (KCM), the Company is pleased to inform stakeholders that RMB has commenced preliminary works at KCM leading to the search for a provider of long-term finance.
RMB has been appointed through the Government’s efforts to secure medium to long-term funding for KCM.
The RMB team is currently collecting information and data at KCM and conducting meetings with Management to enable the team to commence the valuation of the asset. The banker is also setting up a data room to assist in dealing with queries from potential providers of long-term funding.
“The Merchant banker will also attend to enquiries already received from entities that have indicated willingness to meet KCM’s long term financial requirements,” commented KCM Provisional Liquidator Celine Nair.
Ms. Nair said the commencement of works by RMB on their mandate is a major step towards the resuscitation of Konkola Copper Mines to ensure the Company increases its portion of the forecast total copper production of 3 million tonnes within the next 9 years – the cornerstone of the New Dawn Government’s mining policy.
“We are optimistic that this process will fulfil the objectives to ensure KCM operations step up to the next level through implementation of key projects such as the Konkola Deep Mine to desired levels of production,” Ms. Nair added.
RMB was selected from a list of 11 local and international firms which were invited to participate in the tender process.