STAKEHOLDERS EXPECT TO HEAR VEDANTA’S VIABILITY AND FINANCIAL CAPACITY TO OPERATE KCM FROM THE PRESIDENT AS HE ADDRESSES PARLEY TODAY

STAKEHOLDERS EXPECT TO HEAR VEDANTA’S VIABILITY AND FINANCIAL CAPACITY TO OPERATE KCM FROM THE PRESIDENT AS HE ADDRESSES PARLEY TODAY

Stakeholders have appealed to President Hakainde Hichilema to update the nation on Vedanta’s Viability/ financial capacity to operate KCM during the official opening of parliament today.

While stakeholders appreciate the Government’s move to unlock KCM, whose development has the potential to create employment and contribute to the social economic development complexion of our country, they have expressed doubt about Vedanta Resources’ capacity to recapitalize KCM and run it for the benefit of the country.

Zambians Development Focus Executive Director, Evans Chota, Development Expert, Chibale Christopher and
Human Rights and Governance Advocate, Isaac Kapambwe are worried that Vedanta up to date has not yet injected the proposed investment capital of 1 billion USD and allegedly has not yet fully cleared payments to the suppliers and contractors.

The trio has expressed worry that Vedanta Resources may not create employment opportunities for Zambians and also contribute to meeting the 3 million tonnes copper production target by 2031.

“KCM is our key mining giant which is supposed to be operated by a serious investor with sound and strong financial capacity for it to be made viable and contribute to the well-being of Zambians, hence we want our president to update the nation when Vedanta is likely to inject the 1billion USD into KCM”, they said

The stakeholders feel that If Vedanta is failing, the Government should bring in another equity partner to operate KCM to meet the expectations of the people who are in dire need of jobs and business opportunities.

Credit FOX Newspaper