Vedanta Resources Limited Awaits Control of Konkola Copper Mines Post Arrangement Scheme
Vedanta Resources Limited clarified that it has not assumed managerial control at Konkola Copper Mines (KCM) until the scheme of arrangement concludes.
Masuzyo Ndhlovu, Director of Corporate Communications at Vedanta Resources Zambia, explained that the scheme of arrangement denotes a legally approved agreement between a company and its creditors.
Mr Ndhlovu elaborated that the scheme encompasses actions like withdrawing the Provisional Liquidator and reinstating the KCM Board.
He emphasized that the company’s obligation to settle dues to creditors and employees will commence once all requisite processes are finalized for a complete takeover.
Ndhlovu highlighted that, presently, the Provisional Liquidator is overseeing the operational assets of KCM.
SOURCE:ZNBC
