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Govt Says Court Will Decide Vedanta’s Fate Over KCM

Government has maintained that the issue of Konkola Copper Mines (KCM)’s shareholding is a subject of the court process.

Mines and Minerals Development Minister Richard Musukwa said the government would allow the due process of the law to take its course in the matter, according to a statement issued by first secretary press and tourism at the Zambian Mission in India, Bangwe Naviley.

He, however, said the government is willing to listen to any progressive talks that structure a user friendly exit mode for Vedanta Resources, an Indian mining giant that held the majority stake in KCM.

Musukwa was speaking on the sidelines of the State Visit to India by President Edgar Lungu.

He said it is now in public domain that Vedanta had extensively lost the social licence to operate in communities such as Chililabombwe and Chingola, adding that the marriage that existed between the investor and the government has “irretrievably broken down”.

Musukwa said the decision to liquidate KCM was premised on securing the company from total collapse and protecting the jobs of the people because Vedanta had in principle walked away owing to the negligence as evidenced by its inability to exploit and develop its primary sources of its ore materials and failure to pay obligations as they fell due.

He said the government is determined, once the court processes are concluded, to urgently secure a credible investor in an open and transparent manner.

Musukwa said a new investor should have the capacity to inject fresh capital to operationalise the Konkola Deep Mining Project (KDMP) and both underground and upper orebody resources which are believed to have a huge lifeline which will in turn provide job security.

He said the investors should lead to the transformation of the host communities in terms of infrastructure such as roads, health and education.

 

11 Comments

  1. Idiocy Detector

    Which court when you have said your decision is final? Are you normal?

  2. Idiocy Detector

    Which court when you have said your decision is final? Are you normal? Ebupuba ubu.

  3. Vyakulolavye

    No wonder you are an Idiot Detector, enemies of progress

  4. Hev rena

    Musukwa,mwana was kwithu…

  5. CBU

    Mukongo mukongo
    Mukongole enangu ndalama!!!!

  6. Chiwempala

    Is it just me who has noticed that the govt is slowly changing it’s harsh stance to a soft one? In the end we will hear ati they have reached a mutual agreement with Vedanta

  7. SEE MIND

    NO MORE MINE CONTINUEING! TRY OTHER PROJECT MARIJUANA! GREEEN PARTY WE ARE BEHIND YOU 2021!!!

  8. Treezy

    Zambia we are under mining and mwatusha vaupuba continue vi

  9. silen

    For how long do we have to wait,plz speedup the process pipo ar suffering,

    • P.M

      @Silen….people are suffering?? I thought by now you should have gotten used to suffering. Well I got bad news for you…more suffering on the way as you embark on mataining kcm while looking for a new investor..a process likely to take at least 5 years. There are shallow rich copper deposits in places like Chile and DRC for one to waste time on aging kcm where grades are low and where one needs to mine water first before mining copper at uneconomic depth. That is the reality and dont play politics.

  10. carnivorous

    We need investors who are patriotic to this country!!!

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