About nine companies are expected to submit bids for Konkola Copper Mines within weeks.
During a media briefing, Richard Musukwa, the Mines Minister made mention that companies from as far as Australia, Canada, China, Russia and Turkey were doing due diligence.
“The bidding process will start once all the companies have conducted due diligence and we are hoping this can happen within a couple of weeks,” Musukwa added.
Konkola Copper Mines (KCM) is one of Zambia’s largest copper producers, with operations in Chingola, Chililabombwe, Kitwe and Nampundwe. KCM is a subsidiary of Vedanta Resources Limited (“Vedanta”).
The Zambian state-owned ZCCM-IH holds a significant shareholding (20.6%) in KCM also. Since 2004, KCM has invested more than $3 billion to upgrade and expand company assets. Today it is of the largest private sector employers in the country and maintains one of the most comprehensive corporate social investment programmes.