Tuesday, June 25, 2024

NGOs expectant government will this week handover KCM back to its legal owners Vedanta Resources

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Advocates for National Development and Democracy (ANDD) and the Zambia for Unity, Peace and Development (ZUPED) are expectant that the government will this week handover Konkola Copper Mines Plc back to its legal owners Vedanta Resources.

ANDD Executive Director Samuel Banda says Vedanta Resources has the technical and financial capacity to operate KCM.

“It is also clear that Vedanta Resources is actually the best suitable investor to operate KCM. We are so much expectant and our expectations are based on the fact that His Excellency President Hakainde Hichilema while on the Copperbelt on the 29th April, 2023 assured the people of Copperbelt that government will conclude matters regarding KCM and that government has found a solution to deal with challenges at KCM,” said Mr. Banda.

“And we must also state here that even the Minister of Mines and Minerals Development Hon Paul Kabuswe whilst on the Copperbelt announced that government has found a solution and that within this month of May, we will be able to make a decision.”

He said his organization does not know which investor government will engage but its position is that government should handover KCM to Vedanta Resources.

And ZUPED President Ronnie Jere said Government should also take advantage of the proposed investment package by Vedanta Resources which is US$3 billion investment capitalisation package and the US$20 million corporate social responsibility.

Mr. Jere believed that with that package they will be able to revamp KCM and and the economy.

“This will no doubt help in the creation of employment for our people as well as increase business opportunities on the Copperbelt. We know for sure that when KCM begin to operate optimally, we will be able to export copper in huge quantities which will help us earn more forex and we know that that will help improve the value of our currency Kwacha. This means that when kwacha improves, it means that the cost of doing business will reduce, the cost of importing products will also reduce. This will in turn give capacity to the private sector to expand and create employment and business opportunities which will result in improving the living standards of our people,” said the ZUPED President.

“Our point is that government should honor their assurance. President Hakainde Hichilema particularly should honor his assurance to the people of Copperbelt that he will conclude KCM matters. As a matter of urgency, we want government to conclude the issues regarding KCM and Vedanta Resources in the interest of unlocking the mining sector and making it viable and more importantly create employment and business opportunities on the Copperbelt.”

He said apparently, the Copperbelt economy is not doing fine.

“Poverty levels have gone high, the cost of doing business has gone high; people are suffering. It is very important that government should stick to their assurance and we hope that government will honor their promise. As we conclude, we want to urge government to ensure that within this week they make a decision on this matter of KCM and Vendata Resources as well as issues surrounding Mopani Copper Mines,” he added.

“If the government wants not to loose relevance, they should stop postponing this announcement otherwise the people are loosing confidence.”

3 COMMENTS

  1. Vedanta Resources PLC is the controlling shareholder of KCM. I hope both sides have recognised the need to negotiate a new agreement and have already done so or will do so by the time the mine is handed over to Vedanta Resources. I do not want to see the Indian tycoon who owns Vedanta behaving as if Zambia is his colonial possession.

  2. Who are these NGOs? Its just some clowns on Vedanta Resources payroll…last week it was some pastor today its NGOs. These were the same people who were rejoicing when PF took over KCM

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  3. Why are these negotiations a secret? The mine may be Vedanta’s, but the minerals are for Zambians. Isn’t this Zambian property up for renegotiations with talks input from Zambians? Why are MUZ, NUMAW and ZCTU quiet about the imminent Vedanta rebound?

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