Wednesday, May 29, 2024

Mines Minister Directs ZCCM-IH to Dialogue with Vedanta outside Court on Issues Surrounding KCM

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Mines Minister Paul Kabuswe has directed the Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) through its lawyers to quickly dialogue issues surrounding Konkola Copper Mines (KCM) and Vedanta mineral resources outside court.

Addressing the media in Lusaka this morning, Mr Kabuswe says the government cannot wait for January 2023 for the next court case to be dealt with as this requires urgent attention.

Mr Kabuswe said the government is interested in dialogue so that matters surrounding Vedanta are resolved before next year and progress must be made as to whether Vedanta is exiting or staying in order to calm the public and avoid speculation.

Mr Kabuswe has reiterated that to significantly contribute to the treasury the ministry will ensure the mines act is looked at effectively to suit the current vision of the country.

There is currently debate in the country with some stakeholders pushing for the return of Vedanta at KCM while others remain critical of the investor who was ousted by the former regime for failing to honour its contractual and statutory obligations.

Meanwhile, Vedanta has said that they have set aside US$220 million to dismantle outstanding debt to small and medium contractors in a bid to reduce liabilities and aid the growth of businesses, adding that the company remain committed to offsetting the liabilities.

Vedanta Resources reiterated its position that it remains resolute in playing a part in revitalizing Zambia’s economy in mine development of KCM, serving the community and workforce in a more responsible manner through a structured programme and through an independent trust to empower the youth and women among others.

“We successfully operated KCM for 15 years and invested $ 3 billion which included $1.3 billion in sustaining CAPEX and $1.7 billion into project CAPEX.
This investment was funded through cash generated from KCM operations and $1.5 billion by way of a Vedanta shareholder loan to KCM and further makes a commitment to investing $1 Billion in KCM growth strategies that will include exploration and mine development, processing, and value addition to copper using both upstream and downstream linkages,” the Vedanta statement concluded.

7 COMMENTS

  1. You will how rich this man will become these Indians are good at throwing coins to foooools….what is there to dialogue to calm the public and avoid speculation? When you are making such directives opening the door to KCM when people don’t want them back

  2. Didn’t the puppet of the Zambian people report in South Africa during the Mining India that the matter between KCM and government would be settled outside of court so that we the people of Zambia benefit from the commercialization of the mine?
    Wondering why the Mines minister is only giving directive now after so many months.

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  3. It’s not in doubt that it’s the UPND that wants Vedanta back and it’s the reason Kabuswe was strategically on hand to receive the petition from their sponsored youths. It’s the UPND that has instructed the Police not to allow the intended massive protests against Vedanta on 2 occasions. The UPND aren’t determined to hold Vedanta accountable for its breaches of the Development Agreement and other environmental violations. Vedanta can’t win this case but the failure by the UPND is making Zambia lose a straightforward case. People are upset, any tricks won’t be tolerated. You have an opportunity to do the correct thing. Tell Greg Mills & Valentine Chitalu that old tricks won’t work. They’ll burn their fingers

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