KCM Officially Handed Over to Vedanta Resources
Konkola Copper Mines (KCM) has been officially handed over to Vedanta Resources in a significant development for Zambia’s mining sector, marking a pivotal moment for the people of Chililabombwe, the Copperbelt, and the entire nation.
The ceremony, attended by President Hakainde Hichilema, underscored the government’s commitment to revitalizing the mining industry as a cornerstone of Zambia’s economic development.
President Hichilema hailed the occasion as a “new chapter for KCM,” reflecting on the journey that led to the handover. He emphasized that the resolution of mining disputes lies not in courtrooms but in boardrooms, where dialogue and negotiation pave the way for progress.
“This deal was the result of careful consideration, diligent negotiation, and a shared vision for KCM’s future and the growth of our country,” the President stated.
The transfer of KCM to Vedanta Resources comes after years of challenges that the mining company faced, compounded by the failure of previous political leaders to seek viable solutions.
President Hichilema highlighted the importance of restoring KCM’s integrity, a task that Vedanta has undertaken with significant commitments. Among these, Vedanta has already paid US$134 million of the US$250 million owed to contractors and suppliers.
The President also noted that the deal would bring substantial benefits to the local community and the nation at large. “New jobs will be created, and tax revenues will be generated to support the development of road and other infrastructure in Chililabombwe,” he said.
This, he added, would be a direct contribution to the broader economic development of the Copperbelt region and beyond.
President Hichilema extended his congratulations to the teams who worked tirelessly to bring the deal to fruition, acknowledging their role in securing KCM’s future.
He called for continued collaboration among all stakeholders to maximize the potential of KCM as a vital asset to the Zambian economy.
