ANDD EXPECTS VEDANTA TO TAKE FULL CONTROL OF KCM IN MARCH
…. following the assurance by Mines Minister that within a month , they will resolve the remaining item in court.
Lusaka… Monday February 26, 2024
The Advocates for National Development and Democracy (ANDD) says it expects Vedanta Resources to take full control of Konkola Copper Mines plc (KCM) early next month.
ANDD Executive Director Samuel Banda says this is because of the assurance given by Mines and Minerals Development Minister Paul Kabuswe that within a week, the concerned parties would resolve the remaining legal issue, which is the scheme of arrangement in court.
Mr Banda says this time around, the stakeholders contractors, suppliers, employees at KCM and general populace expect the Minister of Mines and Minerals Development Hon Paul Kabuswe to stand by his words.
“Hon Paul Kabuswe while featuring on ZNBC’s Sunday Interview programme, indicated that within a week, the concerned parties would resolve the remaining legal issue which is the scheme of arrangement. If you recall, in September last year, the same Minister indicated that by December 2023, all the legal processes would be concluded. But this never came to pass,” he said.
“However we welcome the development disclosed by Hon Kabuswe. This time around, we hope he will stick to his words and ensure that Vedanta Resources takes full control of the operations of Konkola Copper Mine.
This will go a long way in helping restoring social economic growth, create the much needed employment and business opportunities for Zambians and help stabilise the kwacha among other economic challenges.”
Mr Banda emphasized that Zambians want Jobs and business opportunities to enable them survive the current economic challenges in the country.
“It’s not a secret that the economic challenges the country has continued to face such as volatility in the exchange rate, high cost of living, lack of employment among others are a reflection of the non-functionality of KCM and Mopani mines . These can only be resolved if KCM is up and running. So, we are expectant that Vedanta will take full control of KCM early next month,” he added.
“You are aware of the investment commitments that Vedanta has put in place. To settle the arrears owed to contractors and suppliers owed by KCM, increasing salaries for workers by 20%, and a budget of 20 million USD for Corporate Social Responsibility programs that will enhance community development on the Copperbelt and Nampundwe.
The UPND government should do a noble thing of ensuring that KCM becomes productive and contribute positively to our national development .”
He said his organisation and Consortium members of CSOs advocating for the revamping and development of the mining sector in Zambia will monitor this development.