ANDD DEMANDS THAT FORFEITED US$24 MILLION BY FORMER KCM LIQUIDATOR BE INJECTED BACK INTO MINE

ANDD DEMANDS THAT FORFEITED US$24 MILLION BY FORMER KCM LIQUIDATOR BE INJECTED BACK INTO MINE

….this forfeiture should therefore benefit the mine and help it operate effectively and efficiently

Lusaka… Tuesday April 16, 2024

The Advocates For National Development and Democracy (ANDD) has urged the government to inject the $24 Million forfeited from former Konkola Copper Mines (KCM) liquidator Milingo Lungu back into the mine (KCM).

According to ANDD Executive Director Samuel Banda, the consent judgement entered into by Mr Lungu and the state, resulting in this forfeiture should benefit the mine and help it operate effectively and efficiently.

Mr Banda said this can be done by channelling these resources to immediate needy areas that would otherwise have been a challenge to address due to current prevailing financial constraints.

“We believe injecting the money back into Konkola Copper Mine is the right and patriotic thing to do not only because the money belongs there, but will help in settling financial costs owed to suppliers and contractors and address other mining critical operational costs,” he said.

“As an organization, we feel this is a huge opportunity to overcome financial hurdles associated with KCM through prudent, timely and transparent utilization of these resources.”

He further urged President Hakainde Hichilema’s Government to expedite the KCM-VEDANTA transition process so that Vedanta Resources Ltd can take full control of Konkola Copper Mine and inject the over US$1.3billion for mining recapitalization and development and increase mining productivity which will in turn translate into increased FOREX, stability of the local currency and ultimately Gross Domestic Product (GDP).

“We feel Vedanta is ready to execute its mining investment commitments if only the operating environment is created by expediting the long-overdue transition process,” he concluded.