SHANGHAI, Jun 8(SMM) - The provisional liquidator of Zambia's Konkola Copper Mine (KCM) said on June 7 that it will appoint an adviser to help it find equity investors willing to fund the mine's expansion.
KCM Provisional Liquidator Celine Nair said in a statement that strategic equity investors will be needed to secure the development of the company's $1.1 billion Konkola Deep Mining Project (KDMP).
Companies invited to submit advisor proposals include Citigroup Investment Banking Group, Standard Bank, Bank of America Merrill Lynch, Rothschild, Rand Commercial Bank and InvestEcon, said Nair.
Nair also announced the resumption of mining operations at the KCM open-pit mine, saying the move was part of a broader plan to improve operations until the government finds new investors.
KCM plans to spend $17 million on annual maintenance shutdowns at the Nchanga smelter, which has an annual capacity of 311,000 mt of copper, said Nair, who also announced other measures to expand production at its Konkola East operations.
“We are looking at options to improve KCM production for the benefit of the company and the country," Nair said.