By Amb. Emmanuel Mwamba
Vedanta deal is verbal, nothing was signed-Paul Kabuswe!
This Government is a joke-Pro Max!
Vedanta left debt of about $1.5billion. In the negotiation and draft agreement, they want Government to assume or cause the write-off the $1.5billion debt owed to ZESCO, ZRA, NAPSA and CEC.
For outstanding invoices to suppliers and contractors, Vedanta was only willing to pay up-to $250million.
Yet Anil Agarwal has announced that he has taken the resolution with the Zambian Government of his reclaimed 79.4% KCM shareholding to shore up Vedanta Resources books against the mining firm’s international debt of $6.8billion.
And Agarwal has expressed happiness that he will make profits from KCM because the copper price was above $8,000 as KCM used to make profits even when the copper prices were $2,000 when he acquired the mine in 2003.
