ANDD LOOKS FORWARD TO REGISTRATION OF GOVT – VEDANTA KCM DEAL IN ARBITRATION COURT
…after the two parties signed the shareholder agreement and implementation agreement on Monday
The Advocates for National Development and Democracy (ANDD) says it is now looking forward for Vedanta Resources and government to register their signed agreements in the courts of arbitration in London.
ANDD Executive Director Samuel Banda believes that this will speed up the transition process for Vedanta Resources to fully take control of Konkola Copper Mines (KCM) and begin to implement its investment commitments.
Mr Banda has told journalists in Lusaka that the signing of the shareholders agreement and implementation agreement by government and Vedanta Resources is a clear indication and demonstration that both parties are highly committed to resuscitate KCM, make it viable to promote national development and social economic growth.
“The signing of the agreements is very progressive as it has instilled and amplified confidence amongst the stakeholders towards the transition process. As ANDD we wish to state that the co-operation between the two parties Vedanta Resources and government is very instrumental towards our shared vision for national progress and development in the mining sector which is our key economic backbone as it accounts for eighty percent of our GDP,” said Mr Banda.
“Therefore, we also want to state that we are profoundly happy with the investment commitment that Vedanta Resources has committed to invest into KCM such as the injection of US$1 billion for mining recapitalization and development, US$ 20 million for corporate social responsibility programmes (which will address key economic sectors such as health, education,sports development, agriculture among others) and the allocation of US$ 250 million to clear off debt owed by KCM to suppliers and contractors.”
He also commended President Hakainde Hichilema’s government for it’s commitment to revamp the mining sector.
“As the Advocates for National Development and Democracy, we would like to commend the Government of His Excellency President Hakainde Hichilema and Vedanta Resources for signing the Konkola Copper Mines (KCM) Vedanta Resources shareholders agreement and implementation agreement which is a key fundamental aspect to the transition process to ensure that Vedanta Resources takes full control of KCM after all the legal frameworks. We are optimistic that once Vedanta Resources injects US$250 million by clearing off the debt that KCM is owing to the suppliers and contractors, that will influence our money markets positively. The kwacha will begin to appreciate because there will be more dollars in circulation which is very important for the growth of our domestic economy and promotion of commerce and trade,” he added.
“We are optimistic that Vedanta Resources a mining giant with its global footprint, diversified business portfolio and a high technical and huge financial capacity will successfully resuscitate KCM and contribute positively to our national social economic development. With KCM operating optimally, it will now be easy for Government to achieve the 3 million metric tonnes copper production target by 2031.”
SE