Community Movement Hopes for Success in Upcoming Scheme of Arrangement Meeting

The Vedanta Must Return Community Campaign Movement has expressed their elation over the success of the creditors’ scheme of arrangement meeting held on 25th May.

The movement views this success as a testament to the strong confidence creditors have in Vedanta’s commitment to serving all stakeholders effectively.

With this positive momentum and substantial support from class one creditors, the movement is optimistic about the upcoming meeting for class two creditors scheduled for 30th May.

The movement believes that a similar outcome will be achieved, reinforcing the benefits for all involved parties, including contractors, suppliers, miners, and community members.

The current non-operational status of Konkola Copper Mines (KCM) has led to a noticeable decline in Zambia’s copper production levels, despite the high prices of copper on the global market.

This situation has adversely affected the Copperbelt Province, particularly the towns of Chililabombwe and Chingola, which are grappling with economic downturns and high crime rates linked to rising unemployment.

Chishala Mwamba, the Coordinator of the Vedanta Must Return Community Campaign Movement, emphasized the critical importance of the 30th May meeting.

“This is an excellent opportunity for class two creditors to contribute positively to the lives of the people by supporting the scheme of arrangement and helping restore stability at KCM,” said Mwamba.

The movement highlights that Vedanta’s return to KCM would result in significant economic benefits, including a capital injection of over one billion dollars, twenty million dollars dedicated to corporate social responsibility (CSR) activities, salary increments for workers, and payments to contractors and suppliers amounting to 250 million dollars.

These commitments are expected to revitalize the local economy and provide an essential lifeline to the communities in the region.

“The people of Copperbelt Province are tired of living in economically run-down environments with high crime rates due to unemployment. Vedanta’s commitments will undoubtedly bring the much-needed economic lifeline back to our communities,” Mwamba added.

The Vedanta Must Return Community Campaign Movement urges all stakeholders to unite and support the scheme of arrangement, ensuring the betterment of the province and the nation at large.