Chingola, 9th February, 2015 – On Friday 6th February, the Honourable Minister of Finance, Mr Alexander Chikwanda, visited Konkola Copper Mines’ headquarters at Chingola. He was accompanied by the Commissioner General of the Zambia Revenue Authority and other senior Government officials.

The Minister held meetings with senior KCM executives in which a range of important issues were discussed, including the recent decline in copper prices, the refund of VAT payments and the introduction of the new Mineral Royalty. The Minister and his entourage then visited the Nchanga smelting facilities.

After the visit, CEO Steven Din stated: “KCM is very appreciative of the Minister taking the time to visit KCM and inspect its facilities. It is reassuring to understand that the Government understands the great challenges that the industry is currently facing in an environment of falling copper prices. In particular, I welcome the Minister’s determination to address the refund of VAT payments in a timely manner.

Mr Din added: “There are still a number of issues that need to be resolved between the Government and industry. In particular, we have work to do together on the issue of the refund of past VAT payments, the proposed increases in electricity costs and the implementation of the new Mineral Royalty. I welcome the Minster’s undertaking to continue a dialogue with industry.

Mr Din spoke of the company’s commitment to local economic development: “KCM recognizes the opportunity for the copper industry to contribute to the Government’s anti-poverty agenda, which has been emphasized by the President, His Excellency Edgar Chagwa Lungu, in recent days. I have appointed a Vice President Local Economic Development who will be driving this strategy. KCM is determined to make a significant contribution to the development of the broader Zambian economy.”