Vedanta ready with $250 million funding to pay KCM Creditors
Friday 5th July, 2024 Lusaka, Zambia – In a significant development, Vedanta has arranged USD 250 million funding to pay KCM Creditors as per High Court decision rendered on 28 June 2024.
With Vedanta Resources’ reinstatement, Konkola Copper Mines (KCM) is poised for a new era of growth and prosperity. Vedanta Resources, the Government of the Republic of Zambia (GRZ), and ZCCM Investments Holdings Plc (ZCCM-IH) are working in close collaboration to complete all steps outlined in the transaction documents.
The parties involved are demonstrating their shared commitment to KCM’s long-term viability, ensuring a secure and sustainable future for the company.
This cooperation marks a significant step forward, paving the way for a brighter future for KCM, its employees, and the communities it serves.
Upon successful completion of all the relevant pre-condition steps in the transaction documents, the Escrow account will be funded on or around July 8, 2024, as directed by the High Court of Zambia with USD 250 million to pay small creditors.
Additionally, KCM employees will receive a one-off payment of K2500, and a 20% salary increment after board reinstatement, a significant boost to their remuneration package and a major milestone in KCM’s journey towards a brighter future.
It is expected these final steps should be concluded in the latter part of this month and the actual flow of all the relevant funds will likewise flow at that time.
With the transaction nearing completion, KCM will be poised to make a profound impact on the local community, providing benefits such as education and healthcare programmes, economic empowerment, and sustainable livelihood initiatives, ultimately improving the overall quality of life for the people in the operational areas. Vedanta remains committed to caring for the community.
