ZUPED Expresses Optimism as Vedanta Secures US$250 Million for KCM Creditors
The Zambians for Unity, Peace, and Development (ZUPED) has expressed optimism about the future of Konkola Copper Mines Plc (KCM) following assurances from Vedanta Resources that it has secured US$250 million to settle KCM’s creditors.
This development follows a High Court decision on 28 June 2024, which mandates the payment.
Vedanta Resources, in collaboration with the Zambian government and ZCCM-IH, is working diligently to complete all steps outlined in the transaction documents.
ZUPED President Ronnie Jere expressed confidence that this move would significantly boost the country’s economy.
“We are confident that the investor will resuscitate the mine, which has faced financial struggles for years. People have lost jobs at the mine, directly and indirectly, and contractors and suppliers have struggled due to the huge amounts owed by KCM,” said Mr Jere.
He emphasized that with the conclusion of these financial arrangements, significant progress is expected at the mine.
“Our people will get the much-needed jobs to sustain their families, and the business community will benefit through contracts,” he added.
Mr Jere also urged KCM creditors to create jobs for local people once they receive their payments.
He highlighted the satisfaction of stakeholders who have long advocated for the revitalization of the mining sector, noting that this development is long overdue.
