Rand Merchant Bank Appointed As KCM Financial Advisor

Celine Nair, the Konkola Copper Mines (KCM) provisional liquidator, announced the appointment of Rand Merchant Bank (RMB) as the mines’ financial advisor.

The announcement came as the company and the government work to get the mines fully operational.

The search for a financial advisor started in June this year and a total of 11 local and international firms were invited to participate. 

Ms Nair stated, “The appointment of RMB is a major milestone in the journey towards the full turnaround of Konkola Copper Mines Plc and its subsidiaries, Konkola Mineral Resources Limited (KMRL) and KCM SmelterCo Limited.”

She further outlined, “The Company forms part of a strategic national resource base and stepping up the search for a strategic equity partner is vital to unlocking the rich ore reserves at Konkola Deep Mine. It is also pivotal in reaching the targeted increase in national copper production of 3 million tonnes within the next 10 years – the cornerstone of the New Dawn Government’s mining policy.” 

The mine is one of the largest in Zambia and would require a minimum of US$1.2 billion, to construct the necessary infrastructure to ensure it operates at full capacity.

This includes machinery to pump water out of the mine in order to unlock new areas that can be mined as well as upgrades at the Tailings Leach Plant at Nchanga in Chingola and the Nchanga smelter. 

Ms Nair also stated that the appointment of RMB would aid the management within the mine and strengthen the governance of KCM.

She stated, “A lot of improvements have taken place at KCM since May 2022 and the mine’s future is looking bright as we gear up to increase production as soon as bridge funding is secured.”