Tuesday, March 19, 2024

Vedanta reaches out to HH’s Government, Promises $300 million for local suppliers and community projects

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Vedanta Resources Limited has said that it is keen to open a dialogue with ZCCM-IH holding and has stressed the company’s commitment to invest $1.5 billion into the operations, communities, and local economies around KCM.

In a salesman pitch statement to the media, Vedanta Group CEO, Sunil Duggal said that as Zambia embarks on an exciting new chapter in its history under the leadership of President Hakainde Hichilema Vedanta is keen to open a dialogue with ZCCM-IH.

“As Zambia embarks on an exciting new chapter in its history under the leadership of His Excellency Hakainde Hichilema, President of Zambia, Vedanta is keen to open a dialogue with ZCCM as we today re-iterate our commitment to invest $1.5 billion into the operations, communities and local economies around KCM,” Sunil Duggal, Group CEO, Vedanta, said in a statement.

Mr Duggal said that Vedanta is looking forward to working with the community in the Copperbelt and collaborating with the new government in any way necessary to ensure that a stable and beneficial future is achieved for all stakeholders at KCM.

Mr. Duggal said that his company is committed to making KCM and Zambia world leaders in copper production once again hence the company remains committed to re-investing $1.5bn into KCM, supporting the community projects and local suppliers.

Mr. Duggal said that this investment will go into continuing to operate the integrated asset, leading to a significant improvement in business and stability in jobs for employees which will positively impact the lives of many Zambians.

“Vedanta is committed to making KCM and Zambia world leaders in copper production once again and we look forward to working with the community in the copper belt and collaborating with the new government in any way necessary to ensure that a stable and beneficial future is achieved for all stakeholders at KCM,” he added.

Mr. Duggal said that this will aid in rejuvenating the country’s economy and will place Zambia firmly on the map as one of the world’s leading suppliers of copper, a critical mineral for the green economy of the future of our planet.

Mr. Duggal clarified that the investment of $1.5bn in the operations at KCM will include $200m to pay the local suppliers of the mine in addition to the significant sums of $400m to bring in best in class ESG practices to improve health, safety and working conditions for employees as well as the allocation of $100m for community projects.

In May 2019 the Government of Zambia placed KCM under liquidation sparking a legal dispute with Vedanta. Provisional Liquidator Milingo Lungu in December announced a restructuring plan involving splitting KCM into two subsidiary companies.

Vedanta, the world’s sixth largest globally diversified natural resources company, has operated for over a decade in Zambia. Vedanta Resources holds 79.4 per cent stake in KCM, while the Zambian government through its state mining investment firm ZCCM-IH holds the remaining 20.6 per cent.

46 COMMENTS

  1. The horrible thieving and incompetent PF government was never able to get anything done with Vedanta. One week in office and you see what straight talking can achieve!

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  2. These characters have no respect for Zambians they have already started lining up for plunder is this not the same guy who was boasted how on credit he got the mines at $250miliion and in three months made $750million profits.
    What he is saying is very different from what he is thinking just try him you will see what damage he will do to the Zambian economy.

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  3. An Indian can never leave his home to come and invest in a black man’s land if he does he will bring his all clan with him…these morons had the chance but they kept lieing through their teeth. Just look at that clown in the picture can you trust him with anything?

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  4. The UPND government should complete the liquidation process. We may differ as a Zambian family (PF/UPND) but we should not allow an outsider to tell us how we should manage our house. This man insulted the intelligence of Mwanawasa by boasting that he got the mine for free. He was troubling the same suppliers he is talking about. Why didn’t he do for the community and stake holders what he is promising when he was fully incharge of KCM. HH should not allow what ECL said regarding him and this man come to be true.

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  5. Makes sense. There should be dialogue. PF made a terrible job of it and stole heavily. Whatever happens should be better to the workers, company and government. Not the current situation where the company pays no taxes, no investments to capitalise and build resources – but just jobs for PF cadres.

    Personally would give the company back to Vedanta and dialogue where they are not meeting expectations. Or let ZCCM/IH take them court as set out in the shareholder agreement.

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  6. The sale of our mines has commenced. We warned you against this under 5 hh whose only achievement is undervaluing our mines and getting kickbacks. He now walks around arrogantly claiming education made him rich. An educated f00I more like

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  7. Going back to vadenta will cost UPND the Copperbelt vote. Zambians have rejected these people, bashi miani are not forgiving. Any dealings with these people will be considered a betrayal.

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  8. The funny thing is that your tribesman hh is only employing bembas and easterners to stay in power. How does that make you feel? Hahaha

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  9. This issue will show Zambians what hhs direction for the country will be. Majority want this company to remain under ZCCM-IH control. Let’s not judge hh before anything happens, who knows, he might surprise us and decide to keep the mine….

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  10. Lets have a win win situation. let them come but lets have enough representation thru the ZCCM IH…HUMAN RESOURCE, SUPPLY CHAIN, CAPEX AND CSR should be on the table while addressing the negotiation. to me they have just offered money and nothing which made people complain

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  11. @Ndeloleshafye,
    I agree with you 100%. Should HH give Konkola back to Vendata, he will kiss goodbye to the Chingola vote. I am a Chingola person through and through and have so many relatives who have work for the mines. Their view is that they do not want to see those Indians again running the mines. HH will need to engage MUZ over this. If he does not, he will regret!

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  12. And someone here thinks the leopard has changed its spots. Because you are Upnd you should support everything… not different from PF sync.

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  13. Ask the people working there. This mine is in big problems. The actions by PF was wrong as evidenced by Vedanta wining this case in every court including in Zambia.

    Also, Workers and suppliers are suffering more than they did with Vedanta. Put emotions aside and so the right thing guys. I would get ZCCMIH to engage Vedanta and aim for a 51/49 split with Vedanta to have more more control on how the latter runs the operation.

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  14. Money is on the table.
    Mine suppliers are salivating.
    H² is salivating
    I don’t know about the community – the miners.

    Summation.
    This is what vendatta was supposed to be doing under stressless conditions and normal circumstances.
    But it appears when the samwas were boasting about how du.ll they thought we are and how the swindled us of our mines for a song, we will keep dosing and getting sleepy. People wanted vendetta out. We can keep it that way. But Zambians need their mines for fuller coffers.

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  15. The UK based troll is shocked that HH is doing the opposite of the lies they were spewing….now he is complaining…no shame

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  16. This gull guy wants to prove to the world of how Zambians are dull and moronic people they are who cannot think beyond their noses he doesn’t have any respect for Zambians because they will accept anything from peanuts.
    If I was HH I would quickly kick him in the stomach to prove him that he is a cheat and a deceiver , if you where living outside Africa and you asked nationalities from outside Africa about how they think of Africa they will tell you that, in Africa is where other nations go to draw wealth without spending anything.
    We who live outside Africa at least we know , that is why we insist in trying to help our people to know their enemy coming to you as a friend yet he doesn’t respect you.
    We who are especially in the western world know the people we live with and…

  17. Let them bring the money first.sign an agreement for six months on trial basis.Put
    a clause that we can cancel or nullify if not
    Happy after six months.

  18. Lets open the process to tender and see whats put there these milked the cow they now want to eat the carcass…but Muso will not be sleeping on duty ..and hh told us we have to understand business like he does…the money has to come in and leave something on the table for the rest…lets see how this works

  19. So Lungu’s intelligence report was right. He mentioned these figures one week before elections. but I didn’t take him seriously.
    Vedanta got largest chunk of former ZCCM mines, but inefficiency surfaced. Suppliers were reduced in size and were paid after 90-120 days. How do SME’s pay monthly obligations if they are paid in 4 months? The economy did not do well owing to this saboteurs. KCM contributed to the fall of Copperbelt.

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  20. Exactly what Lungu said….hahahaha hihihihi…scramble for Zambia….when we told you that HH will finish Zambia….now there you have….Zambians you made one of the biggest mistakes and now you’re paying…..Still no sign of any prices reducing…..free education….HELLO…..Jobs for the gullible youths…HELLO…..HH thought running a country was kids play

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  21. @ Tarino Orange
    Am glad you’re now on board….welcome to the real world….am happy you’ve realized that HH is auctioning Zambia to the highest bidder….

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  22. They MUST APPOINT A ZAMBIAN Chief Executive Officer.
    They must appoint a Zambian Director of Finance.
    Otherwise, get out of Zambia.

  23. Even the Zambian watchdog has become so subdued…already sensing disaster….Vendetta thinks Zambia is worth that little money….take that money to India and stop insulting Zambians….all these morons now know that we have Auctioneer in chief in the State House….now lining up with brown envelopes to sweet talk him….HH has a history of Auctioning anything he gets his hands on

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  24. I agree with you.It seems some of our country men can’t see that we stand to lose millions if we don’t negotiate with Vendata.
    Nationalism on paper sounds very good,in practice leads to severe problems.Lets not forget the ZAMTEL saga which Lap Green was awarded $500million dollars which added to our huge debt.
    It’s not possible to win our case in an international Court.Therefore a negotiated settlement to benefit everyone should be carefully considered.

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  25. You’ve forgotten the big debt KCM owes ZESCO ,it’s not been paying for power.
    People here are living in vain nationalism.The case is in an international court Zambia cannot hope to win.
    A negotiated settlement good for Zambia and Vendetta is a must.
    We should not live in some kind of schizophrenia denying that the mine is in big trouble with production let alone investment.

  26. This is a National issue, let us wait for the new Presidents response. The fact is that Zambians do not want Vedanta back.

  27. This sick indian, see the way crooked he looks on the foto,like those criminals from ZEEWORLD films,copper prices are all time high and they shall be so for next 10yrs.If am not mistaken,you produce a tone of copper at 4000$then add sales profit and taxes you sale it with a profit at 5500$ Now prices are over 9000$.So that sick Indian has seen a killing of bonus 3500$ on every tonne sold.Really are you telling that we Zambian can not run our own mines?who runs NPSA,ZRA,POLICE,ARMY .AIRFORCE,UNZA.CBU,HOSPITALS,is not only us?So you telling me that unless for mines to be profitable you need a sick Indian?Bayama,today a mine like KCM/MOPANI with the reserves and assets they have,listing them on stock exchange they will raise own money.If that sick chap says he will bring 1.5billion ,even our…

  28. The government belongs to the people Zambia and so are resources whether it is Lungu or Hakainde in State House. We have a natural stake in KCM and other mines. Don’t think we don’t think.

  29. @Mercury is making lots of sense but I see he has overwhelming thumbs down. Cannot understand. Milimo and other PF caders have been looting KCM to the benefit of a few … right now KCM isnt paying taxes and is involved in opaque dealings that we are not even privy to as the public

  30. Mr Kaizar zulu, I saw you fighting on the video with someone saying don’t point this on me. What happened Sir

  31. @Mercury #12
    @Shaneless #36
    The majority Chingola and Chililabombwe residents voted PF out because of past Vedanta mismanagement. The don’t want both Indians and Chinese investments in these mines.
    Those thumbs down ?? you see on @Mercury are a loud petition against Vedanta eventual return, sending a clear signal to the UPND government. Lend me your ears on this one if you can. Mines minister was resident in Croaking Frog, the new Dundu.mwezi.

  32. Lets not judge bally too soon i see alot of pf who are criticising on things that bally has not yet given a comment or direction on. You made alot of mistakes ba pf and the new guys will have to find remedies to cure the serious pandemic of corruption before they hit the ground running.

  33. Please bring Vedanta back, they too went through a rough patch due to the copper prices like every body else, the lie you have been telling each other that Zambians can run the mines must stop immediately. # Bring Vedanta back

  34. Vedanta is just okay, the fact that they had an issue here and there doesn’t make theM black. I am comfortable with the mines being in the hands of Vedanta than in the hands of cadres, Vedanta will remain professional than caders who are now trying to move monies all over the show to hide the loot

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