IT IS EVIDENT THAT VEDANTA LACKS THE FINANCIAL CAPACITY TO EFFECTIVELY MANAGE (KCM)
Recent media reports have highlighted that Cashfin Zambia Limited has taken legal action against KCM, demanding a total of US$6,670,481.90 for outstanding payments for petroleum products supplied. Additionally, Cashfin is seeking US$1,652,009.48 to cover an outstanding tax liability, as well as interest on the overdue amounts.
These developments, coupled with reports indicating Vedanta’s failure to settle outstanding payments to KCM suppliers, underscore a growing concern that Vedanta Resources is unable to efficiently operate KCM or contribute to the national goal of reaching 3 million metric tonnes of copper production by 2031.
Before regaining control of KCM, Vedanta’s Director of Corporate Communications, Mr. Masuzyo Ndhlovu, assured stakeholders that the company would prioritize clearing the debts owed to KCM suppliers. It is therefore disheartening and disappointing to see Vedanta failing to honor these commitments.
Further reports from various stakeholders suggest that Vedanta has yet to inject the promised US$1 billion for the mine’s recapitalization. This delay further indicates that Vedanta is not in a position to revive KCM.
Given these circumstances, it is clear that Vedanta is not a reliable partner for the future of KCM. The company’s actions are not only undermining the potential of the mine but also jeopardizing broader national goals. If this trend continues, it could have significant political implications, including negatively affecting the UPND’s standing in the 2026 elections.
Moses Bumba
Governance Activist
IT IS EVIDENT THAT VEDANTA LACKS THE FINANCIAL CAPACITY TO EFFECTIVELY MANAGE (KCM)
