Vedanta Expected to Take Full Control of KCM in March
Vedanta Resources is anticipated to assume full control of Konkola Copper Mines plc (KCM) in early March following assurances by Mines and Minerals Development Minister Paul Kabuswe that the remaining legal issues, primarily the scheme of arrangement in court, will be resolved within a week.
Samuel Banda, Executive Director of the Advocates for National Development and Democracy (ANDD), expressed expectations for Minister Kabuswe to uphold his commitments this time around.
Mr. Banda highlighted the importance of Vedanta’s takeover in restoring socio-economic growth, generating employment, and addressing various economic challenges facing Zambia, including currency stability.
He underscored the urgency of reviving KCM to address the country’s economic woes, citing the company’s crucial role in providing jobs, business opportunities, and contributing to national development.
Mr. Banda emphasized Vedanta’s investment commitments, including settling arrears owed to contractors and suppliers, increasing worker salaries by 20%, and allocating $20 million for Corporate Social Responsibility programs.
The ANDD and Consortium members of civil society organizations (CSOs) advocating for the mining sector’s development in Zambia pledged to closely monitor the situation.
With expectations running high, all eyes are on the upcoming developments as Zambia anticipates Vedanta’s assumption of control over KCM, potentially marking a turning point in the country’s mining landscape and economic trajectory.
