Chinese firms eyeing KCM

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Bloomberg Africa has reported that Chinese firms including China Non Ferrous Metal are eyeing to take over the now liquidated Konkola Copper Mines (KCM) once the ‘divorce’ is finalized by the courts.

Other rumoured firms includes Eurasian Resources Group who has  expressed interest, should the Government succeed in getting it from Vedanta Resources.

According to Bloomberg quoting people close to the situation, Eurasian Resources, which is owned by three Kazakh billionaires, approached Government about two months ago. According to the sources who declined to be identified by name, CNMC also wanted to buy the assets and allegedly offered to spend $2.5 billion on development once the mine was acquired.

Bloomberg said Eurasian Resources and CNMC declined to comment.

Minerals Development Minister Richard Musukwa could not immediately comment, reports the international publication.

ZCCM – IH, which owns 20.6 percent of KCM, asked the Lusaka High court on May 20, 2019 to liquidate the company because it had not met the conditions of its license.Vedanta, Majority owned many  by Indian billionaire Anil Agarwal, said the deposits could be Mined for another 50 years.

However, earlier, when government announced the liquidation of the mine, stakeholders urged the government against opting for Chinese investment.

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Start: 2019-07-01 End: 2019-07-31