Wednesday, July 24, 2024

Government and Vedanta Resources devise plan to save KCM


Government has in collaboration with Vedanta Resources PLC formulated a business improvement plan meant to address the operational challenges facing Konkola Copper Mines (KCM).

The formulation of a business improvement plan is as a result of the long discussions government held with Vedanta and Konkola Copper Mines over the operations of the mine.

Vedanta Resources and KCM handed to the Government the Business Improvement Plan which outlines the investment plan, the profitability of the company and how it intends to pay its debt.

This follows the discussion held with Vedanta Resources, KCM and the Government on the findings submitted by the technical audit committee appointed to review the business operations of KCM.

Speaking during a media briefing yesterday afternoon where the business improvement plan was submitted to government, Mines Minister Christopher Yaluma disclosed that the said plan has an inclusion of committed critical funding.

Mr. Yaluma said that the funding is committed to greatly improve production and profitability of KCM, pay creditors and form a solid base for sustainable growth.

Mr. Yaluma also said that this also means that jobs at the Mine are also secured as KCM has also given an undertaking and commitment that there will be no redundancies as a result of implementing the business improvement plan.

And Vedanta Director for Corporate strategy Rahul Sharma said that the cooperative and understanding approach that government and the Vedanta have had which has also resulted in the formulation of the business improvement plan for KCM goes to exemplify Zambia’s strong position as one of Africa’s most preferred investment destination.

Mr. Sharma reiterated Vedanta’s full commitment to KCM’s success.

He said that Vedanta will also ensure that it does all that is necessary to build on its investments to make KCM a World Class Company.

He stated that with the large capital investment in excess of 2.8 billion Unites States Dollars, a significant addition in reserves and resources and KCM’s committed workforce, Vedanta is confident that Mining firm will remain a cornerstone in Zambia’s vision of producing over 1.5 million tons of copper annually.


    • watching the video clip, that Vedanta representative appears non- committed to the plan. its like he is jus being forced to say something to please the govt.

      why are we so gullible?

  1. Be careful not to lose our monies like you lost it with Anglo-American (AAC) in 2001. Govt borrowed $2Billion from world bank for KCM to develop Konkola Deep Project. Within 3 years all of that money was siphoned by AAC to off-shore accounts without the Konkola Deep kicking off. Zambians are still paying for that debt. After depleting the $2Billion, they packed their bags & left together with the man who helped them steal from his country of birth, Norman Mbazima. They later rewarded with a CEO job at Anglo Coal SA where he still works.

    • Remember the fools that negotiated that, no names, need to be mentioned. i know you know, and for what reason they stole from us? to help you.. they joined politics and are heading opposition parties all over the place, and some call themselves economists, what rubbish.

  2. Our Zambian ministers are so naive and gullible. The Indians do not mean well for KCM. This simply means more trouble for Chingola and Chililabombwe residents.

    There was so much hope that the PF govt is working out a plan which excludes the stupid Indians. Alas, we are back to square one.

    How I wish Chingola residents can storm the INDIAN compound near the south hospital, and beat up everyone there.

  3. Government and Vedanta Resources devise plan to save KCM, lacks integrity and is not practical to keep the current large workforce unless the production is tripled. Otherwise keeping a large force of workers remains a joke. The numbers do not add up to be true and correct. The minister should think of opening other mines or industries to take excess KCL workers. This will be a way forward to keep all workers in employment. The minister should consult Zambians who are qualified in these areas. The plan does not give us the numbers how do we believe him. Is the honorable minister reporting like a parrot?

  4. If KCM can’t run its mines here in Zambia, government must have demanded that vedanta sells off controlling shares to other mines which can. Instead of using tax payers money to save a company which made a pure profit in access of US $ 230, 000, 000 and then lies about it. Force KCM to sell off its Zambian assets to capable mining companies. There I have given you a solution.

  5. Point of correction Marie-Anne, the GOVT never borrowed $2 billion on bahalf of KCM when it was run by AAC, it was AAC which required to find that money to develop the KDP and never did until they pulled out of Zambia. They only issue is same as Vendata, AAC arquired the ZCCM assets for a song

    • @ Natty Dread: Anglo & GRZ agreed to contribute 50% each towards the project. GRZ honoured its part but Anglo didn’t & delayed the project (on the pretext of low copper prices) whilst siphoning the GRZ portion.

  6. Whats happening. What has these indians done. Another anglo americavdisaster or what. I hope its not anothercwaybto swindle us

  7. this is theatre…

    the govt knows full well that Vedanta has siphoned KCM… I suggest really strongly you go to read the Foil Vedanta report to understand the scam…
    that Yaluma is rotten to the core…. yesterday Gemfields/Kagem, Mopani, FQM (FQM still owes ZCCM-IH $600 million !!), now KCM

    and the govt is going to pretend they save KCM
    What a gang of thieves and crooks !!

    • This minister is very dull. How can he still be sitting on a round table with these Indians when they plundered the mine already?.

      To tell you the truth no money is coming to kcm, unless its govt money. No bank can lend them money, and the same indians won’t bring a cent from what they have externalized. As a result more time is being wasted.

  8. use google + kcm + report + copper + colonialism

    and you will understand why this theatre is a scam….

  9. Why are they not making the findings of technical audit committee? Why are they are doing everything under the table when this is going to involve taxpayer’s money or concessions?

  10. Someone has sold the poor masses of Zambia.KCM right now is failing to raise money for classrooms at Nchanga trust School we were forced to contribute K3,500.00 per child for building a class room.

  11. The indains will never appreciate the zambians contributions towards there developments there are only good at hit and run when things goes bad. open the eyes Government !!!!

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