THE Lusaka High Court has granted an ex-parte order to convene a meeting of creditors to discuss a proposed scheme of arrangement for Konkola Copper Mines (KCM). Celine Meena Nair, the provisional liquidator for KCM, has revealed that as of December 2023, the company owed US$4,488,281.37, with projections indicating a rise to approximately US$4,303,746,454.82 by March 2024, posing significant challenges to the mine’s sustainability. In this matter, ZCCM-IH initiated proceedings in the Lusaka High Court, alleging tax evasion and mismanagement against KCM, seeking its winding-up among other allegations. In an affidavit supporting the request for a creditor’s meeting, Nair highlighted the deteriorated financial state of KCM under its former liquidator, emphasising the necessity for negotiations with creditors to prevent complete...