Tuesday, May 28, 2024

Vedanta Advocates for Forfeited $24 Million to Be Reinvested in KCM

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In ongoing discussions with the government, Vedanta Resources is pushing for the $24 million recently forfeited to the state by the Zambian Court, previously held by provisional Liquidator Milingo Lungu, to be redirected back into Konkola Copper Mines (KCM).

Chief Operating Officer Malcolm Mewett of Vedanta expressed the company’s intentions during a meeting with leaders of Mine Workers Unions and the Executive of the Zambia Mine Suppliers Association. Mewett emphasized Vedanta’s commitment to exploring avenues to reinvest the forfeited funds into KCM, signaling a potential boon for the mining sector in Zambia.

Amidst these deliberations, Mewett reaffirmed Vedanta’s overarching plan to inject $1.3 billion into KCM. This significant investment aims to facilitate the expansion, modernization, and enhanced production capacity of the mine, promising advancements in operational efficiency and output.

Furthermore, Vedanta Resources has taken proactive steps to address outstanding debts. Mewett announced the arrangement of a creditors’ scheme meeting scheduled for May 24, 2024, targeting creditors owed more than One Million dollars. This will be followed by another meeting on May 30th.

17 COMMENTS

  1. Vendanta owes Indian Banks over $7 billion. Surely, how can a Mining Company be wanting $24 million?? How broke is this company mwebanthu?

    12
    • I’m shocked at his thinking. These guys have been denied loans which they hoped to use at KCM. PF may have bungled the take over but the Upnd should have continued with the case in courts of law… they were going to win. I hope the insinuations are not true that someone received money from these people in exchange for the return of the mine.

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    • It’s a sheer waste of time dealing with Vendanta. A year will go by without any progress. They are experts at time wasting and story telling. The truth is, they have no money to put into the mine.

      10
  2. We didn’t learn anything from Binani at Luanshya. There’s something very wrong with Indian companies. Vedanta bit us once and they’re back to bite us again. Indeed a man bitten twice by the same snake is a f ool. When it comes to money most Indians aren’t honest. If we declare Sharia and more into Kamwala I don’t know how many of our bearded brothers will come out with both limbs

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  3. During the presidency of Mwanawasa, Agrawal got the mine without paying upfront. He paid from the money he made from this very mine
    I’m sure we are the dullest people south of the equator.

    11
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  4. The problem with me as Zambian, I tend to celebrate as soon as government make great pronouncements like, we have found a buy for the mines or deal is done with creditors or Mopani mine investors found!
    Garu Nadine

  5. These chaps are a bunch of jokers. They bought the mine for a song, amassed incredible profits which the toasted to at a lavish gala dinner boasting how they wripped where they sowed very little. And now they should even stake claim to money they didnt even budget for. What a nonsense! We should just repossess the mine 100% and kick them out of the country.

  6. It is a little odd this. And this is an “I-Told-You-So” moment. Vedanta have this Indian arrogance and approach to everything. Shrouded in racism that goes to the core of the first leaked audio where he eviscerated the then Head of State, Levy Patrick Mwanawasa. Many would have thought Vedanta would now take a sheepish attitude. But it is clear, companies like Vedanta see that they can play through the loopholes of democracy and still get their way, and why not, it has proven to work for them. I would simply ask HH to show his hand and suspend any agreement they had. This is ridiculous.

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    • Not leaked! Publicly boasting about getting kcm for 12 million from Mwanawasa! However nobody in Zambia even noticed until many years later. That’s how we are I guess, inviting the same burglars for a good party because we have forgotten them

  7. People will be stupid until they stop being stupid. In the meantime Vedanta and others like that will just use this phenomenon to enable themselves to quickly as fast as possible chew and chew and chew

  8. “….Vedanta Resources is pushing for the $24 million recently forfeited to the state by the Zambian Court….”
    What are you saying ba court reporter?

  9. The problem was created by late LPM who despite all hue and cry from miners and Zambians in general opposed the sale to vendata went ahead & gave KCM to these the blood sucking vendanta. 2nd catastrophe was ECL forced liquidation without going to arbitration as per sale agreement. At the time KCM was heading towards a voluntary or a court enforced liquidation. Debts owed to CEC were enough to send vendanta in a court enforced liquidation. This should have given us a free hand to sell to better investors. The real reason for the forced liquidation was to loot & not to save KCM as evidenced by the 24m usd theft.This is textbook case of how lawyers and politicians have messed this country called zambia

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