VEDANTA RESOURCES INTENSIFIES ITS PURSUIT TO RECLAIM KCM
By Michael Kaluba
Embattled Konkola Copper Mines-KCM owners Vedanta Resources has intensified it’s pursuit to reclaim the asset and recently wrote to the Zambian government and other stakeholders to explain it’s plans to recapitalize the mine amidst protracted court proceedings over the past 3 years.
In a letter dated May 5, 2022 obtained by Phoenix News, and addressed to the Minister of Mines Paul Kabuswe and copied to President Hakainde Hichilema, the Ministry of Finance, Mineworker Unions, ZCCM-IH and Local Suppliers and Contractors, Vedanta said it stands ready to help Zambia achieve the vision to produce 3 million tonnes of copper annually.
The letter signed by Vedanta Chief Executive Officer Sunil Duggal has pointed out that the company was elated by media sentiments attributed to Mines Minister Paul Kabuswe and published on 26 April 2022, saying that if Vedanta were allowed to resume running KCM, the government of Zambia would put in place strict conditions so that vedanta conducted itself in a different manner than it used to in the past.
Vedanta argues that the current impasse over KCM does not serve the interests of any of the stakeholders and has pledged to implement a 20% salary increment across the board once given the operating license back and after a forensic audit of the asset is completed and a one off payment of K2500 within 3 months following a failure by the mine to adjust workers conditions of service over the past 3 to 4 years.
The embattled mining firm also pledges to enhance Zambia’s quest to produce the much needed electric vehicle batteries having just signed an MOU on the manufacturing of semiconductors, using copper metal, in India with it’s South Korean partners.
And Vedanta has committed itself to investing in social infrastructure programmes in order to uplift the communities where programmes shall be established by a special purpose community trust which will support hospitals, clinics, schools, provide scholarships, livestock, and promote youth development programs, training and sports development including football sponsorship.
PHOENIX NEWS
