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The process of implementing the deal between Konkola Copper Mines (KCM) and Vedanta Minerals is nearing completion, stated Zambian Mines Minister Paul Kabuswe. Mine unions this week held a media briefing in which they expressed concern over the delay to action of the KCM-Vedanta deal.
The process of implementing the deal between Konkola Copper Mines (KCM) and Vedanta Minerals is nearing completion, stated Zambian Mines Minister Paul Kabuswe. Mine unions this week held a media briefing in which they expressed concern over the delay in action of the KCM-Vedanta deal. Mine Workers Union of Zambia, National Union of Miners and Allied Workers, and United Mine Workers Union warned that (KCM) risks undergoing care and maintenance following low production at its Integrated Business Units (IBUs).
Commenting on this issue, the Minister said the consent judgment related to the deal was scheduled to be signed to pave way for the last step which is a creditor’s scheme of arrangement. He said the Government has done its part by resolving the KCM issue that emanated from the liquidation of the mine by the PF Government.
The government has negotiated various conditions for miners; among them is the 20 percent salary increase immediately after Vedanta assumes full operations of the mine (KCM). The government thinks that both parties to give each other a break as Zambians. It is important to take things in context.
The consent judgment filled by KCM now paves the way for the last step which is a creditor’s scheme of arrangement. Vedanta has done its part, the Government of Zambia has done its part and ZCCM IH has done its part, now it remains for the courts to run that process of the creditors’ scheme which enables the removal of the provisional liquidation.
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As far as the Zambian government is concerned, a solution for KCM has been found and there will be no looking back. Government, Vedanta, and ZCCM IH are now partners in KCM.
