VEDANTA WINS KUDOS…..for depositing $245.75m to clear KCM debts and one-off bonus to employees

VEDANTA WINS KUDOS

…..for depositing $245.75m to clear KCM debts and one-off bonus to employees

Lusaka… Saturday July 20, 2024 (SMART EAGLES)

The Zambians for Unity Peace and Development (ZUPED) has praised Vedanta Resources for depositing $245.75 million to clear Konkola Copper Mines (KCM) debts and one-off bonus to employees.

Vedanta Resources Holdings Limited today confirmed that it has deposited US$245.75 million into an escrow account as designated by the High Court.

ZUPED President Ronnie Jere says this is the step in the right direction as it will help the contractors and suppliers who have been struggling financially.

Mr Jere says with this development, Vedanta will take full control of KCM and be able to appoint the board and management to run the mining firm.

He said this commitment coming from Vedanta is encouraging as they have fulfilled their earlier pledge to settle the arrears owed to contractors and suppliers by owed by KCM.

“We have no doubt that these funds released will have a positive impact on the local economy. We further believe that this is a transformation that the people of Zambia want. Not long ago, we heard of some workers from companies contracted by KCM of going for months without salaries, this we believe will help in paying those workers,” he said.

“With Vedanta taking over the operations of KCM, they will now appoint the board and management of KCM to overlook the operations of the mining firm for the benefits of the country.”

He said with the government setting a target of producing over 3 million metric tonnes of copper production over the next ten years, KCM will help in reaching that target.

The ZUPED President indicated that the funds released will also go a long way in providing a once off payment to the employees of KCM.

“Not long ago, we saw the signing of five collective agreements with between KCM and it’s workers unions. This shows that the investor values the workers at KCM and has their best interest,” he added.

Mr Jere indicated that these funds will further help and support local communities to undertake various community projects in areas such as education, health, agriculture and other important sectors.