Vedanta’s $25 Million Investment in KCM Spurs Calls for Expedited Transition Process
Konkola Copper Mines (KCM) was on the brink of imminent care and maintenance. However, Vedanta Resources intervened by injecting $25 million into the struggling asset, preventing its total collapse.
This move underscores Vedanta’s commitment to sustaining mining operations and safeguarding the well-being of local communities.
The Vedanta Must Return Community Campaign Movement, representing the Chingola/Chililabombwe Consortium, hailed Vedanta’s proactive approach in supporting KCM. They emphasized the significance of this investment in averting financial uncertainty for workers and revitalizing the mine’s operations.
The community campaigners urged President Hakainde Hichilema and the UPND government to expedite the KCM-Vedanta transition process, citing the critical need to restore operational efficiency. They expressed frustration over delays in the transition process and called for swift action to ensure the timely revival of KCM.
Highlighting Vedanta’s broader investment commitments, including a $1.3 billion investment, $250 million for contractors and suppliers, $20 million in corporate social responsibility (CSR), and salary increments for workers, the campaigners stressed the importance of concluding the scheme of arrangements process promptly.
They reiterated their confidence in Vedanta’s ability to revitalize KCM, with plans to increase production capacity from 70,000 to over 300,000 tonnes. According to the campaigners, Vedanta’s timely intervention underscores the company’s suitability as the best investor for KCM.
