KCM is actually owed over US$200 million in VAT refunds, refuses to disclose jobs to be lost

Konkola Copper Mines (KCM) is still owed over US$200,000, 000  in outstanding Value Added Tax (VAT) returns dating back to August 2013.

And KCM has refused to disclose how many people will lose jobs due to the on-going job losses in the mines.

KCM Chief Executive Officer Steven Din said Monday morning that KCM has only been paid US$60 million for a period of six months this year. The miniing giant is supposed to be paid US$10 million per month.

Din said the mining firm has not been paid for the whole of 2013 and 2014 while only six months has been cleared for 2015.

He further said that the mining firm was losing over US$2 million per month in operational costs due to low production.

The US $2 million loss that KCM is incuring from operating costs can actually be offset if President Lungu’s government paid KCM the US $10 million per month that they owe KCM but they have chosen to issue empty threats.

He however refused to comment on the impending job loses citing ongoing consultations with stakeholders.

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