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Mines and Mineral Development Minister, Paul Kabuswe, has confirmed that Lusaka High Court has approved Konkola Copper Mines (KCM) creditors scheme of arrangements, paving the way for Vedanta Resources take over.
In an interview at the ongoing Zambia International Trade Fair in Ndola on Saturday, Kabuswe confirmed that KCM issue was over.
Read More: Vedanta reportedly seeking fundraising options, including selling stake in KCM
“Yes KCM has been unlocked, yes the liquidation has been terminated paving way for unlocking of KCM,” he said.
The court has ordered Vedanta to pay the initial US$250 million for contractors and suppliers. Others would be the transfer of shares back to Vedanta and appoint new KCM board of directors.
He expressed confidence contractors and suppliers would start receiving their money within July, 2024.
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