ZUPED Welcomes Vedanta’s $250 Million Commitment to Revive Konkola Copper Mines
The Zambians for Unity, Peace, and Development (ZUPED) have expressed optimism regarding the future of Konkola Copper Mines Plc (KCM) following Vedanta Resources’ assurance of securing US$250 million to settle KCM’s creditors.
This positive development follows a High Court decision on June 28, 2024, mandating the payment.
Vedanta Resources, in collaboration with the Zambian government and ZCCM-IH, is diligently progressing to fulfill all requirements outlined in the transaction agreements.
Ronnie Jere, President of ZUPED, voiced confidence that this financial injection would significantly bolster the country’s economy.
“We believe the investor will revive the mine, which has faced financial challenges for years. The closure of KCM has led to job losses directly and indirectly, affecting contractors and suppliers owed substantial sums,” stated Mr. Jere.
He emphasized that with the conclusion of these financial arrangements, substantial progress is anticipated at the mine.
“Our citizens will regain much-needed employment opportunities to support their families, and the local business community will benefit from contractual engagements,” he added.
Mr. Jere also called upon KCM creditors to prioritize local job creation once they receive their settlements.
He highlighted the satisfaction among stakeholders who have long advocated for the revitalization of the mining sector, underscoring that this development is long overdue.
