Government has concluded the Auding of Konkola Copper Mine- KCM.
Mines Minister Christopher Yaluma has told ZNBC News in an interview today that some of the finding in the Audit Report indicate that the KCM mismanaged its operations.
Mr. Yaluma says the report also revealed that the mine failed to meet its production targets since its inception.
He says the mine also lied that it had mechnised its operation system, to allow it retrench over 1,529 employees, a move that government has since blocked.
Mr. Yaluma says the report also found that KCM has about 1-point 56 billion U.S dollars owed in liabilities which has exceeded the current total asset value of 123-million U.S dollars.
He says KCM also was found to owe Zambian suppliers and contractors in debt amounting to 111-million U.S dollars of which 52 million U.S dollars has been paid out to contractors and suppliers as at time of audit.
Mr. Yaluma says government has since ask Vendata to gurantee 400 million U.S dollars tap into the loans it owes clients.
He says government has since set up a new production target for KCM which should be reported quaterly
Mr. Yaluma has explained that government is satisified that KCM has put 250 casual workers on permanent basis
He further says government also requested KCM to but its machinary as opposed to depending on out sourcing contractors inorder to protect the operations of the mines.