Vedanta Engages Stakeholders for KCM Transition Updates in Kitwe
Vedanta Resources, a global mining firm, recently convened a significant engagement session with key stakeholders in Kitwe, Zambia.
Led by Malcolm Mewett, the KCM Designate Chief Operating Officer, and Dr. Moses Banda, the Country Director for Vedanta Resources, the meeting aimed to update leaders from Mine Workers Unions and the Zambia Mine Suppliers Association on the ongoing transition process concerning Konkola Copper Mines (KCM).
The discussions centered on various aspects, including updates on the creditors’ scheme of arrangement, progress on capital raising efforts, and the crucial issue of bridge financing.
Notably, creditors’ scheme of arrangement meetings are scheduled for May 24th and 30th, 2024, with creditors categorized into two classes based on the amount owed. Progress on capital raising initiatives was also highlighted, indicating steady advancement.
Bridge financing emerged as a critical interim solution, especially in covering salaries, wages, and essential supplies for KCM. With the initial USD 25 Million disbursed in February 2024 nearly exhausted, Vedanta is in discussions with the Zambian government to redirect the USD 24 Million previously forfeited to the state by the Zambian Court back to KCM.
Leaders from the Mine Workers Union and the Zambia Mine Suppliers Association expressed appreciation for Vedanta’s engagement and the timely updates provided.
In response, Vedanta reiterated its commitment to Zambia and its people, underscoring its ongoing USD 1.3 Billion investment in KCM aimed at enhancing infrastructure, modernizing operations, and bolstering production capacity.
Vedanta Resources remains optimistic about the transition process and is dedicated to collaborative efforts with all stakeholders to ensure a swift and successful transition, as stated in a communication from the Corporate Communication Office of Vedanta Resources.
