Advocacy group urges stakeholders to allow govt, Vedanta Resources conclude KCM transaction deal

Advocates for National Development and Democracy (ANDD) has called on all stakeholders to allow government and Vedanta Resources to conclude the transaction process of Konkola Copper Mine (KCM).

This would allow the investor to take full possession of Konkola Copper Mines, Executive Director, Samuel Banda, said.

Banda said it was important for contractors, suppliers, management at KCM and employees to allow the two parties to conclude the paper work after the government announced the return of Vedanta Resources.

Banda added that the announcement that was made recently did not imply that Vedanta would resume operations at KCM immediately, saying there were other modalities that needed to be formalised.

“We believe that this may take roughly two months to be completed,” he said.

Banda emphasized that Vedanta Resources would only start implementing its investment commitment once the transition period was over.

“We understand the employees, suppliers, contractors and Copperbelt residents are so expectant to see Vedanta Resources start operating KCM optimally, improve the working conditions and clear off debts it owes to the suppliers and contractors. However, it’s imperative that we understand that there is a transition process going on between government and Vedanta Resources,” he said.

Banda is optimistic that Vedanta Resources Ltd will fulfil its mining investment commitment.

He said KCM should be made a viable mining firm and contribute positively to Zambia’s social economic development.

Banda appealed to both government and Vedanta Resources to expedite the transition process, so that Vedanta Resources Ltd take full control of Konkola Copper Mine and fulfil its investment commitments such as injection of US$1billion for mining development, US$20Million for Corporate Social Responsibility programmes and US$250Million for clearing off debts to suppliers and contractors.

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