Vedanta Claims the $246m was sourced internally in the Vedanta Resource Holdings Group
Financially troubled Vedanta Resources Holdings Limited Confirms Disbursement of Funds to Konkola Copper Mines.
Monday, July 29, 2024 – Lusaka. Zambia
Vedanta Resources Holdings Limited (VRHL) is pleased to confirm that the disbursement of $245.75 million from the VRHL Escrow account to Konkola Copper Mines (KCM) bank accounts in Zambia has been completed.
The funding was sourced internally from within the Vedanta group.
The next step is to disburse funds from KCM to creditors and employees, in accordance with the Scheme of Arrangement and Agreement.
This process will commence after the imminent reinstatement of the KCM Board of Directors so as to ensure that payments are made in a timely and orderly manner.
The disbursement of funds to creditors and employees is a critical step in KCM’s
transformational journey and demonstrates Vedanta’s commitment to KCM’s resurgence
and proposed growth trajectory.
The disbursements will have a direct and positive impact on:
Employees: ensuring the welfare and motivation of our employees through a series of staff incentivization measures and benefits.
Local Communities: support for community development projects enhancing the
social-economic status of KCM-operated areas.
Suppliers and contractors: fostering a stable and sustainable local supply chain
through timely payments.
The Nation: contributing significantly to Zambia’s social-economic growth through
increased economic activity and job creation.
The release of these funds by Vedanta reaffirms its commitment to Zambia and the
Zambian people and will have a positive impact on the lives of thousands of people and contribute to the country’s growth and prosperity.
“We are excited about this new chapter for KCM and are dedicated to ensuring that our
operations benefit all our stakeholders,” said Malcolm Mewett, Chief Operating Officer of
KCM.
