Government says it cannot pay Konkola Copper Mines (KCM) the Value Added Tax (VAT) refunds that they claiming because KCM has failed to produce evidence of the amount of Copper sold.
Ministry in Charge Richard Musulwa tells Money FM News that the mining company owes government 3.1 billion Kwacha while Government owes KCM in excess of 1.4 billion Kwacha.
Mr. Musukwa says government has so far audited and accepted 900 and the balance from the 1.4 billion is what is in dispute between the two institutions.
Meanwhile the minister has revealed that the bidding process for the company that will take over the operations of Konkola copper mines will begin after all those interested have completed running the due diligence on the mine.
The Minister in charge says the bidding is expected to start in the next few weeks and so far, nine companies have expressed interest to take over the mine.
Mr. Musukwa says the interested investors include companies from Russia, Canada, three from China, Turkey and Australia.
He says government has constituted a team of technical Experts from various walks of life to handle applications of those who express interest.
KCM failed to provide evidence to warrant VAT refunds – Minister
