Vedanta Resources

WHY IS VEDANTA DESPERATE TO GET BACK INTO KCM THE COMPANY THEY CONSTANTLY DECLARED THAT IT WAS MAKING LOSES

Humphrey Kabwe
National Spokesperson
Economic Front

As a Party, we find it strange to see VEDANTA desperation of getting back KCM despite their previous claims that KCM was making loses.

If KCM a lose making company, why is VEDANTA desperate to reinvest in it? If KCM is in a mess, why is VEDANTA desperate to reinvest it? If KCM lifespan has neared it end, why is VEDANTA desperate to reinvest in it? If KCM is in huge debt, why is VEDANTA desperate to reinvest in it? The answer is that VEDANTA knows how viable KCM is and VEDANTA knows that copper prices have continued to rise especially with the coming up of electrical car’s.

When VEDANTA took over KCM, it failed to give terminal benefits to KCM worker’s till the previous govt took over and paid all the terminal benefits to worker’s.

As Economic Front under the able leadership of Cde Wynter Kabimba, we are urging Zambians not to be deceived by VEDANTA maneuvers rose reinvestment pledge of $1 billion which they had previously failed to honor. The Zambian people should not quickly forget that the current credits were left by VEDANTA which forced the previous govt to start paying off. During VEDANTA period the country experienced a lot of job loses at KCM and they failed to create jobs which they had promised when they bought the mine. VEDANTA completely failed to invest in communities particular areas of their Operation like chingola and chililabombwe.

Therefore, as Economic Front and on behalf of Zambians, we say NO to VEDANTA come back because it had earlier broken the social contract with the people of Zambia. Let them go and invest in India or other countries.

Economic Front is determined to give KCM to local investors or govt runs it so that the people can get more benefits from the natural resources such as copper and cobalt. Or give it to responsible foreign investor in which govt can own a reasonable shares on behalf of the people.

KCM IS OUR’S AND NOT FOR ABUSIVE INVESTORS!!!

UNITED FOR PROGRESS

11TH MAY 2022

1 COMMENT

  1. Do financial losses whether real or a product of creative accounting erode ownership of a company? That’s the question we all need to answer. Vedanta Resources has never left KCM. What’s raging is a corporate dispute and it remains unresolved to date. Given the widespread dissatisfaction with Vedanta, I propose that a new agreement or contract be negotiated and signed with the government. Edgar Lungu messed up the whole thing by not flexing government muscle in an appropriate way.

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