https://www.engineeringnews.co.za

Provisional liquidator of Zambia's KCM suspended – official

11th March 2022

By: Reuters

  

Font size: - +

The provisional liquidator of Zambia's Konkola Copper Mines (KCM), Milingo Lungu, has been suspended, the country's Official Receiver said in a statement on Thursday.

Zambia's previous government, which owns 20% of KCM through State mining investment firm ZCCM-IH, handed control of KCM to Lungu in 2019, triggering a protracted dispute with Vedanta Resources, which owns the remaining 80%.

Official Receiver Natasha Kalimukwa suspended Lungu after receiving a complaint from ZCCM-IH "relating to contract mismanagement, financial mismanagement, and asset mismanagement", she said in a statement.

Lungu told Reuters the Official Receiver has no power to suspend him, as he was appointed by the court.

"I will continue to discharge my functions as provided the Court Order," Lungu said in a text message.

Lungu was arrested in September and charged with money laundering and the theft of more than $2-million. He has denied the charges in court.

Lungu's suspension will not stop the liquidation process or lead to a handover of the mining operations to Vedanta, Kalimukwa said.

Vedanta did not immediately reply to a request for comment.

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 
Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.05 0.908s - 140pq - 2rq
Subscribe Now