Corporate Affairs Manager Eugene Chungu said at a meeting with local suppliers and contractors it was resolved the amount be dismantled in three phases starting October.
Chungu added that payment to suppliers and contractors started at the end of October and is expected to be completed in December this year.
“Yes we have been engaging our colleagues to see how best we can handle the debt owed to them, but from the onset I can confirm that we reached an agreement to offset the bill by the end of December,” Chungu said.
He said the two parties agreed that KCM pays one third of what it owes every supplier within a period of three months.
KCM has been under fire in the last few months for failure to pay local suppliers and contractors on time.