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KCM has so far produced 860mt copper against a target of 12,500 in JuneBy Stuart Lisulo on 14 Jun 2019
Konkola Copper Mines (KCM) Plc has so far only produced 860 metric tonnes of copper against a target of 12,500 in June.
And management of Konkola Copper Mines in liquidation has announced the appointment of Moses Chilambe as its Director at the Konkola Business Unit (KBU), on secondment from the ZCCM-IH.
According to data obtained by News Diggers!, KCM had only so far produced 860 metric tonnes of copper in the one month up to June 11, 2019, against a target of 12,500 metric tonnes.
“These are our production figures so far this month. Our target is 12,500 tonnes of copper per month. As of 11th June, we only had 860 tonnes,” KCM data revealed.
In a breakdown of some of KCM’s units, KBU produced 860 tonnes, while Nchanga Business Unit (NBU) and the Tailings Leach Plant in Chingola failed to churn out any tonnage of copper.
This is against a month-to-date budgeted target of 1,650 for KBU; 1,283 for NBU and 1,650 for the Tailings Leach Plant.
This follows unprecedented action taken by government last month, who swiftly took repossession of KCM following the Lusaka High Court’s decision to appoint a provisional liquidator into possibly winding up the company, throwing the company’s future into serious disarray.
And KCM management announced the appointment of Moses Chilambe as its Director at the KBU, on secondment from the ZCCM-IH.
“I am pleased to announce the appointment of Moses Chilambe as Director – KBU, on secondment from ZCCM-IH. In this role, Moses will oversee Konkola operations and provide leadership to the Konkola team. He will be supported by Konkola Business Exco and will report to the Chief Executive Officer,” read a memo signed by KCM’s CEO Christopher Sheppard.
According to the Zambia Chamber of Mines, current forecasts are that copper production, both concentrate and finished copper, will now be drastically lower than last year, and could be as much as 100,000 tonnes lower.
In a statement issued last month, the Chamber complained that the 2019 mining fiscal regime was distorting behaviour in that it was forcing miners to do the unthinkable – to cut production – because many mining entities cannot afford to continue producing as before.
Lumwana Mining Company equally pointed out in April, this year, that the 2019 mining fiscal regime, which introduced changes to the mineral royalty rate, was now a matter of life and death for the mining firm.
About Stuart Lisulo
Stuart Lisulo is an experienced journalist with a focus on business news.
Email: stuart [at] diggers [dot] news
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