KCM upbeat on resolving financial challenges

Konkola Copper Mines (KCM) says it has initiated measures to raise production and improve its cash flows.

Speaking when the mining company received Copperbelt Minister Japhen Mwakalombe during a familiarisation tour in Chingola, Wednesday, KCM chief operating officer Frank Russo-Bello said the mining firm had initiated measures to raise production and improve its cash flows.

“Our focus is to expand and raise production safely in order to improve cash flows and so we have put in place initiatives, such as the Safe 400+ tonnes per day campaign, which is the key driver to raise copper ore production at both the Nchanga and Konkola mines,” Russo-Bello stated in a press release issued via KCM public relations and communication manager Shapi Shachinda.

“Other initiatives include explorations for new resources and options to develop open pit mines into underground mines.”

He stated that KCM was committed to the development of the Copperbelt and the entire economy in spite of some cash flow challenges affecting the business.

He added that KCM appreciated government’s stance to assist in resolving the Valued Added Tax (VAT) refunds to unlock the much-needed liquidity to address some of the company’s financial challenges.

Russo-Bello further pledged KCM’s resolve to settle payments owed to its suppliers.

And Mwakalombe stated that government was aware of the challenges KCM was facing and called for dialogue between the company and its stakeholders to find solutions.

“The government values KCM and wants to see the company grow. The country’s economy is driven by the private sector and so government would like to maintain good relations with the sector,” stated Mwakalombe, who was accompanied by Chingola Mayor Titus Tembo, among other provincial and district leaders.

         

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