VEDANTA RESOURCES RETAINS KCM
Written by Mafken FM Newsroom on 5 September 2023
Government has recalled Vedanta Resources Limited to run Konkola Copper Mines –KCM- after prolonged negotiations.
Speaking during a press briefing in Lusaka today monitored by Mafken FM radio, Mines and Minerals Development Minister Paul Kabuswe says the decision was reached on condition that the mining giant injects more funding and revamp the Chililabombwe based Konkola Deep Mining Project.
Mr Kabuswe explains that government’s goal is to end the court cases with mining companies, in that, the cases are only making lawyers richer, while the rest of the people are left suffering.
And speaking at the same event, Vedanta Resources Executive Director for Southern Africa, Pushpender Singla has revealed that his company is ready to contribute to government’s three million copper production target in the next decade.
He adds that the firm will also invest $1 billion in KCM development, payment of $250 million to all local creditors, and an investment of $20 million into local communities through Corporate Social Responsibility.
Mr Sigla further discloses that Vedanta is also going to increase salaries for employees by 20% and a one-off payment of K2, 500 payment to all employees.
KCM runs Nampundwe Mine in Shibuyunji District, Konkola Mine in Chililabombwe, Nchanga Mine in Chingola and Nkana Smelter in Kitwe.
By Dockiso Zulu