{"id":26748,"date":"2022-07-15T22:09:12","date_gmt":"2022-07-15T22:09:12","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/mines-minister-directs-zccm-ih-to-dialogue-with-vedanta-outside-court-on-issues-surrounding-kcm"},"modified":"2022-07-15T22:24:26","modified_gmt":"2022-07-15T22:24:26","slug":"mines-minister-directs-zccm-ih-to-dialogue-with-vedanta-outside-court-on-issues-surrounding-kcm","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/mines-minister-directs-zccm-ih-to-dialogue-with-vedanta-outside-court-on-issues-surrounding-kcm","title":{"rendered":"Mines Minister Directs ZCCM-IH to Dialogue with Vedanta outside Court on Issues Surrounding KCM"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Mines Minister Paul Kabuswe has directed the Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) through its lawyers to quickly dialogue issues surrounding Konkola Copper Mines (KCM) and Vedanta mineral resources outside court.<\/p>\n

Addressing the media in Lusaka this morning, Mr Kabuswe says the government cannot wait for January 2023 for the next court case to be dealt with as this requires urgent attention.<\/p>\n

Mr Kabuswe said the government is interested in dialogue so that matters surrounding Vedanta are resolved before next year and progress must be made as to whether Vedanta is exiting or staying in order to calm the public and avoid speculation.<\/p>\n

Mr Kabuswe has reiterated that to significantly contribute to the treasury the ministry will ensure the mines act is looked at effectively to suit the current vision of the country.<\/p>\n

There is currently debate in the country with some stakeholders pushing for the return of Vedanta at KCM while others remain critical of the investor who was ousted by the former regime for failing to honour its contractual and statutory obligations.<\/p>\n

Meanwhile, Vedanta has said that they have set aside US$220 million to dismantle outstanding debt to small and medium contractors in a bid to reduce liabilities and aid the growth of businesses, adding that the company remain committed to offsetting the liabilities.<\/p>\n

Vedanta Resources reiterated its position that it remains resolute in playing a part in revitalizing Zambia\u2019s economy in mine development of KCM, serving the community and workforce in a more responsible manner through a structured programme and through an independent trust to empower the youth and women among others.<\/p>\n

\u201cWe successfully operated KCM for 15 years and invested $ 3 billion which included $1.3 billion in sustaining CAPEX and $1.7 billion into project CAPEX.<\/p>\n

This investment was funded through cash generated from KCM operations and $1.5 billion by way of a Vedanta shareholder loan to KCM and further makes a commitment to investing $1 Billion in KCM growth strategies that will include exploration and mine development, processing, and value addition to copper using both upstream and downstream linkages,\u201d the Vedanta statement concluded.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Mines Minister Paul Kabuswe has directed the Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) through its lawyers to quickly dialogue issues surrounding Konkola Copper Mines (KCM) and Vedanta mineral resources outside court. Addressing the media in Lusaka this morning, Mr Kabuswe says the government cannot wait for January 2023 for the next […]<\/p>\n","protected":false},"author":84,"featured_media":26747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12,16],"tags":[234,235,233],"class_list":["post-26748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","category-twitter","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nMines Minister Directs ZCCM-IH to Dialogue with Vedanta outside Court on Issues Surrounding KCM - Zambia<\/title>\n<meta name=\"description\" content=\"Mines Minister Paul Kabuswe has directed the Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) through its ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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