VENDATA HAS NO FINANCIAL MUSCLE TO RUN KCM-NUMAW

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VENDATA HAS NO FINANCIAL MUSCLE TO RUN KCM-NUMAW

Shares of Vedanta were trading lower ahead of the mining and metal  major’s board meeting today to consider the third interim dividend for the current financial year (2024-25). The company has set the record date for dividend on September 10, 2024. Vedanta stock fell 1.5% to Rs 461.20 in early deals against the previous close of Rs 468.25 on BSE. Market cap of the firm stood at Rs 1.81 lakh crore. A total of 1.76 lakh shares of the firm changed hands amounting to a turnover of Rs 8.19 crore on BSE.

In the heart of Chililabombwe, a town woven into the fabric of Zambia’s mining history,tension hung thick in the air like the ever-pressed dust kicked up by heavy machinery. At the forefront of this unrest stood Mr. Sangondo Sangondo  a union chairman for MMS(JCHX) of KCM Project Branch Union for NUMAW (National Union of Miners and Allied Workers).

Mr. Sangondo said “The current situation in the KCM plant is that both government and Vedanta are not telling the truth to the nation for the president to understand the situation, Vedanta this time around has No money hence the ongoing mess”.

He added that The expected production to commence in April after a long awaited period does not show any single sign because..  all preparations were suppose to start three months before but currently there is Completely Zero sign and only political and  economic hardships are been discussed in the plant.

Caught in the crossfire, Mr. Sangondo knew that he was a target. Some JCHX employees surrounded his residence in Chingola demanding him to talk to the top leadership for their pay

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