KONKOLA Copper Mines (KCM) has paid 35 per cent of its US$29.6 million debt to Copperbelt Energy Corporation (CEC), in line with the High Court-approved Scheme of Arrangement. This development comes after Court of Appeal Judge Anessie Micheal Banda-Bobo dismissed KCM’s application for a stay of further execution and sale of seized assets, citing incompetence. Last year, KCM proposed a Scheme of Arrangement to settle debts with approximately 676 creditors, grouped into two classes. The scheme was approved by High Court Judge Charles Kafunda on June 28, 2024. Judge Kafunda directed KCM’s parent company, Vedanta Resources Holdings Limited, to deposit US$225 million into an Escrow Account for creditor payments, along with US$20 million for a one-time community support loan and...
