Vedanta injects $25m into KCM

MWILA NTAMBI
Kitwe
AS PART of its efforts to maintain the integrity of the asset, Vedanta Resources has disbursed its first US$25 million Konkola Copper Mines (KCM) employee salaries, contract labour and other critical services.
Vedanta Resources director of corporate communications Masuzyo Ndhlovu said in a statement yesterday that the investor has also deployed a technical team at KCM to work
with the current management in a quest to ascertain the state of the asset.
“This is aimed at ensuring that the business is prepared for operations once Vedanta takes over upon conclusion of the scheme of arrangement that is before the court,” Mr Ndhlovu said.
“Once the scheme of arrangement has been agreed upon with the creditors and court cases withdrawn, the KCM provisional liquidator will vacate her office after the liquidation case is discontinued in the High Court.”
He said once the provisional liquidator hands over the mining firm to Vedanta, it will imply that the liquidation process will end and the KCM board of directors will be reinstated or reappointed by both Vedanta and ZCCM-IH, who are the mine’s shareholders..https://enews.daily-mail.co.zm/welcome/home