Konkola Copper Mines (KCM) has reaffirmed its commitment to paying all creditors under the court-approved Scheme of Arrangement. The company stated that it has not defaulted on any payments and remains dedicated to meeting its obligations in line with the court ruling.
KCM has already settled debts for smaller creditors (Class I), who were owed less than $1 million. For larger creditors (Class II), owed over $1 million, the company has disbursed 35% of the amounts due, except for cases under dispute. The remaining payments will be made as per the approved scheme.
A legal challenge by Copperbelt Energy Corporation (CEC) sought to contest the court’s approval of the Scheme of Arrangement. However, legal counsel has advised that creditors must adhere to the court’s decision, and discriminatory treatment among creditors is prohibited under the Corporate Insolvency Act of 2017. The High Court rejected CEC’s request for preferential creditor status, reinforcing the validity of the approved plan.
On March 18, 2025, CEC took legal action to seize KCM’s assets, but the Court of Appeal intervened, ordering a halt to asset seizure until the case is resolved. KCM continues to focus on its financial stability and recovery, with support from its major shareholder, Vedanta Resources. The company remains steadfast in protecting its assets and ensuring compliance with legal obligations while working towards a stable and sustainable future.
