Vedanta Prepares for Responsible Takeover of KCM, Focuses on CSR
Vedanta Resources is taking steps to solidify their takeover of Konkola Copper Mines (KCM) in Zambia. The company is placing a strong emphasis on corporate social responsibility (CSR) during this transition period.
A high-powered delegation led by Malcolm Mewett, the designated KCM Chief Operating Officer, recently visited Trident Foundation.
This visit aimed to learn from Kalumbila Minerals Limited’s CSR initiatives implemented by Trident Foundation, a Zambian company established specifically for this purpose.
Dr. Moses Banda, the Vedanta Resources Zambia Country Director, also joined the delegation.
Vedanta’s commitment is further demonstrated by their initial disbursement of $25 million. These funds are allocated towards employee salaries, contractor labor, and critical services to maintain the integrity of the mine.
Additionally, a technical team has been deployed to KCM. They will work alongside current management to assess the mine’s condition and ensure a smooth operational transition once Vedanta takes over.
The takeover hinges on court approval of the agreed-upon scheme of arrangement and the resolution of any outstanding legal cases. Following these steps, the KCM Provisional Liquidator will step down, and the liquidation process will be concluded.
The KCM Board of Directors will then be either reinstated or reappointed by Vedanta and ZCCM-Investment Holdings, the two shareholder entities.
Once the board is established, Vedanta will fulfill its promises to KCM employees. This includes a 20% salary increase for all direct employees, a one-time K2,500 bonus for everyone, and a shift in reporting structure where management will answer to the Board of Directors for policy decisions.
