KCM Boosts Production and Employment, Enhances Social Responsibility Under Vedanta
Konkola Copper Mines (KCM) Plc has increased production by 8,000 metric tons over the past five months, a move that will help protect 12,500 jobs, according to KCM Board Chairman Dr. Moses Banda.
In an interview, Dr. Banda highlighted significant achievements since Vedanta Resources took over the management of KCM. He welcomed the 20% salary increase and once-off bonus provided to employees.
“In addition to supporting our workforce, we have also made substantial payments to our creditors. Vedanta paid $250 million to creditors, with all Scheme Class 1 creditors fully paid, and the first tranche to Scheme Class 2 creditors also completed. Disputes, if any, are being managed by the Scheme Adjudicator,” Dr. Banda explained.
He also emphasized KCM’s ongoing commitment to corporate social responsibility. Vedanta has pledged $20 million annually for community development projects through the KCM Community Development Trust.
“We’ve also purchased buses for three football clubs, helping to nurture young talent and careers. Our procurement investment in goods and services exceeded K2.2 billion in the last five months, with 90% of spending directed towards local suppliers and contractors. This supports Zambian businesses and boosts economic growth,” Dr. Banda added.
Concluding, Dr. Banda noted that Vedanta Resources’ recent upgrade from global rating agency S&P to B status demonstrates improved funding flexibility, better access to capital markets, and a stronger capital structure.
SOURCE:znbc
