KCM CREDITORS REACH FINAL STAGES OF SETTLING LEGAL ISSUES AS VEDANTA POISES TO TAKE OVER
Vedanta resources says it is ready and poised to step in and take over operations at Konkola Copper Mines (KCM) once the legal issues between the Mine and its creditors are finalised in court.
Speaking in an exclusive interview with Mafken News, Vedanta Corporate Communications Director, Masuzyo Ndhlovu says apart from the 1.3 Billion United States Dollars that the firm has committed to Invest in KCM, earlier this year they disbursed $25 million to help with the mines operations as well as to maintain the integrity of the interim.
Mr Ndhlovu reveals that, even though the negotiations are taking longer than expected, he is hopeful that they will soon be finalised as they are, which will in turn allow for the release of the funds for the recapitalisation of the mines.
On Friday 10th May 2024 in Kitwe Vedanta Resources met leaders of the Mine Workers Unions and the Executive of the Zambia Mine Suppliers Association to appraise the Leaders on the current status of the transition process that included the creditors’ scheme of arrangement, capital raising, and the bridging of financing among others.
Mafken FM Zambia