KCM Creditors Applauded for Prioritizing Zambian Interests
Konkola Copper Mines Plc’s creditors have garnered praise for their steadfast support of the scheme of arrangement, signalling a promising trajectory for the mine’s recovery.
Reverend Charles Chileshya, a Clergyman based in the Copperbelt region, lauded the decisive action taken by class 1 and class 2 creditors in backing the scheme during the recent meeting on May 30th, 2024.
“This is a significant milestone for the people of the Copperbelt and Zambia as a whole,” remarked Pastor Chileshya of Christ My Life Ministries. “The creditors have demonstrated a commendable commitment to prioritising the interests of Zambians.”
With the support of key creditors, including Vedanta Resources, there are promising indications that the mining firm will soon undergo a transition under Vedanta’s stewardship.
Pastor Chileshya underscored the importance of expeditiously finalising the transfer to enable Vedanta Resources to honour their investment commitments.
“The overwhelming backing of the scheme of arrangement reflects a profound trust and confidence in the investor,” noted Pastor Chileshya. “This paves the way for Vedanta Resources to inject US$1.3 billion into revitalising the operations of Konkola Copper Mines, alongside US$20 million dedicated to enhancing the livelihoods of communities within their operational purview.”
He further emphasised the anticipated positive impact on sectors such as agriculture, education, healthcare, and sports, which stand to benefit from the earmarked funds allocated for corporate social responsibility programmes.
The Corporate Communications Director of Vedanta Resources, Masuzyo Nhlovu, echoed similar sentiments, affirming the company’s commitment to fostering sustainable development and economic revitalisation in the Copperbelt region.
