KCM refutes Daily Mail cobalt story

News

…calls for responsible journalism

By JOHN SAKALA
Konkola Copper Mines (KCM) has refuted the article on “alleged cobalt scam” reported in the Daily Mail of September 4, 2018 with great concern.

See related storyGovt taxes KCM cobalt-Mines PS

KCM Corporate Affairs General Manager Eugene Chungu has told The Independent Observer that KCM unequivocally refutes the unfounded and mischievous allegations.

Mr Chungu said even a cursory review of the company’s website indicates that cobalt is an important by-product at KCM.

“KCM is appealing to the Daily Mail to correct this misleading article in the interests of responsible journalism and the public interest.  KCM is fully compliant with both mining and treasury regulations in Zambia.

“Tianjin Maolian Science and Technology Company is an established and long-term customer of KCM. It is therefore entirely correct that this product should be found on that company’s premises,” he said.

He said Government is fully aware of KCM’s production and export levels as detailed in its returns to government and payment of the relevant taxes.

Mr Chungu clarified that the ZCCM-IH holds a 20% interest in the company (The Company’s majority shareholder is the Industrial Development Corporation Ltd (IDC), an investment company wholly owned by the Zambian Government and the rest of the shareholders include institutions and private shareholders spread across the world), and 50% of KCM directors are independent directors.

He said the Directors of the company have full and unfettered access to production and financial information.