A Mining Expert has noted with concern that the 2020 national budget did not propose any budgetary allocation towards re-capitalization of Konkola Copper Mines.
Dr. Peter Chileshe speaking in an interview with Money FM says under the current situation where the mine is under liquidation, there was need to set aside funds to capitalize operations at Konkola Copper Mines.
Dr. Chileshe observes that the non-committal of funds in the budget is an indication that the government is looking for an investor to take over operations at Konkola copper mines.
Earlier this year the government placed Konkola Copper Mines under liquidation following protracted talks between the Ministry of Mines and Minerals development over tax obligations among other issues.
Konkola Copper Mines still remains under provisional liquidation because the stay is only meant to allow the hearing of Vedanta’s appeal in the Court of Appeal.
However, Money FM understands that because the case is active in the Courts of Law, the Ministry of Finance did not see a need to set aside funds for re-capitalization of Konkola Copper Mines.