{"id":5395,"date":"2021-09-02T17:18:08","date_gmt":"2021-09-02T17:18:08","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/vedanta-reaches-out-to-hhs-government-promises-300-million-for-local-suppliers-and-community-projects"},"modified":"2021-09-02T17:33:33","modified_gmt":"2021-09-02T17:33:33","slug":"vedanta-reaches-out-to-hhs-government-promises-300-million-for-local-suppliers-and-community-projects","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/vedanta-reaches-out-to-hhs-government-promises-300-million-for-local-suppliers-and-community-projects","title":{"rendered":"Vedanta reaches out to HH\u2019s Government, Promises $300 million for local suppliers and community projects"},"content":{"rendered":"

Africa-Press<\/a> – Zambia<\/a>. <\/strong><\/span>Vedanta Resources Limited has said that it is keen to open a dialogue with ZCCM-IH holding and has stressed the company\u2019s commitment to invest $1.5 billion into the operations, communities, and local economies around KCM.<\/p>\n

In a salesman pitch statement to the media, Vedanta Group CEO, Sunil Duggal said that as Zambia embarks on an exciting new chapter in its history under the leadership of President Hakainde Hichilema Vedanta is keen to open a dialogue with ZCCM-IH.<\/p>\n

\u201cAs Zambia embarks on an exciting new chapter in its history under the leadership of His Excellency Hakainde Hichilema, President of Zambia, Vedanta is keen to open a dialogue with ZCCM as we today re-iterate our commitment to invest $1.5 billion into the operations, communities and local economies around KCM,\u201d Sunil Duggal, Group CEO, Vedanta, said in a statement.<\/p>\n

Mr Duggal said that Vedanta is looking forward to working with the community in the Copperbelt and collaborating with the new government in any way necessary to ensure that a stable and beneficial future is achieved for all stakeholders at KCM.<\/p>\n

Mr. Duggal said that his company is committed to making KCM and Zambia world leaders in copper production once again hence the company remains committed to re-investing $1.5bn into KCM, supporting the community projects and local suppliers.<\/p>\n

Mr. Duggal said that this investment will go into continuing to operate the integrated asset, leading to a significant improvement in business and stability in jobs for employees which will positively impact the lives of many Zambians.<\/p>\n

\u201cVedanta is committed to making KCM and Zambia world leaders in copper production once again and we look forward to working with the community in the copper belt and collaborating with the new government in any way necessary to ensure that a stable and beneficial future is achieved for all stakeholders at KCM,\u201d he added.<\/p>\n

Mr. Duggal said that this will aid in rejuvenating the country\u2019s economy and will place Zambia firmly on the map as one of the world\u2019s leading suppliers of copper, a critical mineral for the green economy of the future of our planet.<\/p>\n

Mr. Duggal clarified that the investment of $1.5bn in the operations at KCM will include $200m to pay the local suppliers of the mine in addition to the significant sums of $400m to bring in best in class ESG practices to improve health, safety and working conditions for employees as well as the allocation of $100m for community projects.<\/p>\n

In May 2019 the Government of Zambia placed KCM under liquidation sparking a legal dispute with Vedanta. Provisional Liquidator Milingo Lungu in December announced a restructuring plan involving splitting KCM into two subsidiary companies.<\/p>\n

Vedanta, the world\u2019s sixth largest globally diversified natural resources company, has operated for over a decade in Zambia. Vedanta Resources holds 79.4 per cent stake in KCM, while the Zambian government through its state mining investment firm ZCCM-IH holds the remaining 20.6 per cent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Vedanta Resources Limited has said that it is keen to open a dialogue with ZCCM-IH holding and has stressed the company\u2019s commitment to invest $1.5 billion into the operations, communities, and local economies around KCM. In a salesman pitch statement to the media, Vedanta Group CEO, Sunil Duggal said that as Zambia […]<\/p>\n","protected":false},"author":84,"featured_media":5394,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12,16],"tags":[234,235,1014,233,2268],"class_list":["post-5395","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-copperbelt","tag-zambia","tag-zccm-ih-holding"],"yoast_head":"\nVedanta reaches out to HH\u2019s Government, Promises $300 million for local suppliers and community projects - Zambia<\/title>\n<meta name=\"description\" content=\"Vedanta Resources Limited has said that it is keen to open a dialogue with ZCCM-IH holding and has stressed the company\u2019 ...\" \/>\n<meta name=\"robots\" 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