In a momentous announcement, Mr. Pushpender Singla, Executive Director and Chief Financial Officer of Vedanta Zinc International South Africa, expressed Vedanta Resources Limited’s unwavering commitment to Zambia through its subsidiary, Konkola Copper Mines (KCM). He made this announcement at the Mulungushi International Conference Centre on September 4th, 2023. The occasion marked a significant milestone in Vedanta’s operations in Zambia and signaled their ambitious vision for KCM’s future.
Reaffirming their dedication to KCM, Mr. Singla emphasized Vedanta’s intention to run the company boldly and embark on a journey to recapitalize this valuable asset.
Vedanta Resources Limited boasts a dynamic global portfolio characterized by a history of geological discoveries, technological advancements, and sustainable development.
Their business model places a strong emphasis on growth, expansion, value creation for shareholders, and fostering a positive impact on the community.
Vedanta’s commitment to KCM includes several substantial initiatives:
1.$1 Billion Investment: Vedanta pledges a significant $1 billion investment in the development of KCM. This substantial infusion of capital is poised to breathe new life into KCM’s operations, fostering growth and modernization.
2.Payment to Local Creditors: A sum of $250 million will be disbursed to local creditors, further strengthening Vedanta’s commitment to the local community and business partners.
3.Community Investment (CSR): Vedanta plans to invest $20 million annually in the local community through a special purpose vehicle, a Community Trust. This demonstrates their dedication to social responsibility and the betterment of the regions surrounding KCM.
4.Employee Welfare: Employees of KCM can anticipate a 20% increase in salaries, enhancing their livelihoods and contributing to the local economy. Additionally, a one-off K2500 payment will be made to all employees, recognizing their dedication and contributions.
While negotiations with stakeholders in the dispute may have extended longer than initially anticipated, Mr. Singla emphasized that this was essential to address all pertinent points in the agreement.
The parties involved are actively working towards concluding revisions to the Shareholders’ Agreement and its Implementation.
Vedanta Resources is eager to align with the Zambian Government’s ambitious goal of achieving an annual copper production of three million tons over the next decade.
This ambitious target is seen as pivotal for both the company and the broader Zambian economy. Vedanta’s commitment to increasing and sustaining production is a testament to their international reputation and status as one of the world’s leading natural resources companies.
Vedanta is poised to collaborate closely with the Zambian Government and its people, ushering in a new era of growth, development, and prosperity for the nation.
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