KCM TRANSITION PROCESS MAY DELAY
….with reports of some companies sueing Vedanta Resources that they want to be paid immediately, reveals ZUPED
Lusaka…. Tuesday July 16, 2024 (SMART EAGLES)
The Zambians for Unity Peace and Development (ZUPED) has expressed concern that the Konkola Copper Mines Plc transition process may delay further with reports of some companies that have allegedly sued Vedanta Resources demanding to be paid immediately.
ZUPED President Ronnie Jere says he is aware of a company that has opted to sue Vedanta Resources that they be paid immediately the monies they are owed by KCM.
Mr Jere said contractors and suppliers owed by KCM concerted to the scheme of arrangement that spells out how the investor will settle the arrears owed by KCM.
He said at this point, government through the Ministry of Mines and the investor, Vedanta Resources should update the nation when the mine will resume full operations.
“We are aware of some schemes to delay the transition process and those schemes are aimed at benefiting certain individuals. Some individuals want to derail the handing over of Konkola Copper Mines Plc to Vedanta Resources. It is a pity that people are trying to advance personal interests at the expense of national development,” he said.
“It’s very unfortunate because we have people that are still waiting to be paid their dues since Vedanta had offered to pay contractors and suppliers immediately they take over the operations of KCM. Now we have heard reports of some companies taking Vedanta to court over the same things that were endorsed in the scheme of arrangement.”
Mr Jere said at the right time, his organization will name out these companies that want to further delay this whole process.
He said they have deliberately gone to court to advance their personal interests.
He said a lot of people want to see KCM start operating as soon as possible so that the country gets the benefits.
We are going nowhere with vendanta. The mine was given back to them because Lungus PF made a blunder in the liquidation fiasco. There interest was to loot and not save kcm (milingo). Vendanta has no capacity to operationalise the mine other than use the asset for raising money. Let’s prepared to grab the mine back. Just ensure we do it legally this time round. Mwanawasa’s poor management legacy is still with us 20 years down the line. Made worse by Lungu. That’s the legacy of our lawyer president’s in Zambia