Zambians Anticipate Full Handover of KCM to Vedanta Resources
The Advocates for National Development and Democracy (ANDD) has expressed the eager anticipation of Zambians for the full operationalization of Konkola Copper Mines Plc (KCM) following the completion of all necessary modalities for Vedanta Resources to assume control of the mine.
Samuel Banda, Executive Director of ANDD, emphasized the high expectations of the people of the Copperbelt and the nation as a whole, anticipating that the government will officially hand over KCM to Vedanta Resources before the end of June.
Banda highlighted the overwhelming support from KCM creditors for the scheme of arrangement, marking the final stage of the transition process.
He underlined the widespread anticipation among stakeholders in the mining sector, suppliers, contractors, and KCM employees for improved business opportunities and working conditions once Vedanta assumes control.
“Graduates are also looking forward to job opportunities at KCM,” Banda remarked, reflecting the broad societal impact of KCM’s revitalization.
He reiterated the significant progress made, particularly citing the successful outcome of creditors’ meetings where the scheme of arrangement received substantial backing.
ANDD, aligning with the sentiments of many Zambians, is optimistic about the positive contributions Vedanta Resources will bring to Zambia’s socio-economic development through KCM.
Banda emphasized Vedanta’s strategic investment commitments, including over US$1.1 billion for mine recapitalization and US$20 million for corporate social responsibility programs.
“We expect more jobs and business opportunities to be created,” Banda stated, highlighting the potential promotion of commerce and trade and anticipating a positive impact on the local currency, the Kwacha, due to increased copper production.
Additionally, he expressed confidence that Vedanta’s involvement would support the government’s target of achieving 3 million metric tonnes of copper production per annum by 2031.
As the handover of KCM to Vedanta Resources looms, ANDD remains hopeful that the revitalization of the mine will contribute significantly to Zambia’s overall socio-economic development.
