Vedanta’s Financial Support to KCM Welcomed by Advocacy Group
The Advocates for National Development and Democracy (ANDD) has expressed its delight at Vedanta-Konkola Copper Mines’ initiation of payments to Konkola Copper Mines (KCM), hailing it as a positive and progressive move that instills hope in the Zambian people.
Samuel Banda, Executive Director of ANDD, lauded Vedanta’s disbursement of US$25 million for employee salaries, contract labor, and essential services crucial for maintaining the integrity of KCM’s assets.
He emphasized that this development is a welcome and progressive step forward, giving hope to stakeholders in the mining industry and the nation as a whole.
Mr. Banda commended Vedanta Resources for its commitment and dedication to safeguarding the integrity of KCM, despite not being in full control of the mining firm.
He praised Vedanta’s patriotism in ensuring the welfare of all stakeholders and fulfilling financial obligations, even while KCM remains under provisional liquidation.
Highlighting the significance of Vedanta’s commitment, Mr. Banda urged President Hakainde Hichilema’s government to expedite the legal transition process for Vedanta KCM and withdraw the provisional liquidator at KCM.
This, he stated, would enable Vedanta Resources to fully assume control, inject over US$1 billion for recapitalization and mining development, clear outstanding payments to suppliers and contractors, and initiate USD 20 million Corporate Social Responsibility development programs.
Mr. Banda underscored that Vedanta’s financial support not only marks a significant milestone for KCM but also underscores the investor’s invaluable contribution to its sustainable development.
He expressed optimism for the continued prosperity and growth of the venture under Vedanta’s stewardship.
