ZCCM-IH and Vedanta Resources have officially signed a shareholders and implementation agreement aimed at regulating the operations of Konkola Copper Mines (KCM). This agreement outlines the obligations and responsibilities of both Vedanta and ZCCM-IH in managing KCM’s operations.
The signing ceremony, held in Lusaka, was witnessed by several government officials, including Mines Minister Paul Kabuswe, Infrastructure Minister Charles Milupi, and Technology and Science Minister Felix Mutati.
Mines Minister Paul Kabuswe, while addressing the attendees, urged all parties involved to uphold their commitments as outlined in the agreement. He stressed the importance of taking corporate social responsibility seriously as a means of enhancing the company’s relationship with the local community.
Vedanta Resources’ representative, Christopher Griffith, shared his company’s focus on fulfilling its investment pledge, which was announced on September 5, 2023, following the initial agreement. Griffith also emphasized Vedanta’s commitment to rebuilding community trust in KCM through the strengthened partnership with the Zambian government.
ZCCM-IH’s Chief Executive Officer, Ndoba Vibetti, highlighted that the agreement delineates the roles and responsibilities of each stakeholder in managing KCM. This milestone signifies a significant step toward establishing a mutually beneficial and productive partnership for the management of Konkola Copper Mines.
There’s no news here because nothing that’s in the agreement has been mentioned. You don’t have to sign an agreement on how to manage an investment as that’s determined by the shareholding structure. What we want to hear is how Vedanta will address its breeches of the original development agreement and whether there are any adjustments to it. Corporate social responsibility can’t drive wheels of development as that’s a charity without a legal framework for enforcement. Vedanta must begin to pay all taxes as they’ve operated KCM for 20yrs without paying taxes not dividends to ZCCM-IH
It’s no secret Vedanta is trying to get a loan from Standard Chartered
What a scam.
1. Reveal the exit clause where the Indian says if GRZ repossessed the asset the GRZ must pay $3bn. Regardless if Vandetta failed its part.
2. The Indian can use this asset to develop another mine outside Zambia using KCM as collateral
3. Does not clearly state how the funds will be coming in on specific periods.
Corrupt people and we know the game of offshore earnings to the people that have pushed this appalling agreement.
Tel Vedanta to put money so that work us we want jobs.
KDMP failed, does KCM plan on new ore sources?
Suppliers want to be paid per month and not after 6 months. What measures are there to prevent a deviation?
Apart from being a burden, what incentives has this firm brought back to Zambians?
Hakainde kuwayawayafye. What is the difference from what was obtaining in the PF regarding the ZCCM-HI and KCM? We really overrated this Hichilema project. It is just a wish wash project going nowhere. Hakainde’s Govt is not only craft but very secretive.
Chendabusiku and other negative commentors on this, why dont you first get the agreement document before exposing your bigotry by attacking without evidence. How can a country develop with people who just argue without facts on hand?? Use your brains to access the signed implementation agreement so you can comment on an informed basis. Bigots!
The only thing hh is good atis undervaluing state resources 2 benefit the whltes who trained him to be a white collar thief. This are results
Jealousy will get you nowhere
Would you rather have a l00ter like your idol or and underestimater
Also yours cheated and took from our brothers
HH . This is so disappointing.First you failed us on Forest 27, then failed to arrest and recover assets looted by lungu and his corrupt cronies. KCM maybe the death nail of your presidency
The Pathetic F0ols schemed to steal even the little that was there through Milingo. Now they keep on changing the narrative when some progress is made on the matter. The fact is that the issue is complex
and messed up by same thieves as they did with Zamtel.
Mwanawasa’s gift of Vedanta to just keep on giving?