• AFRINET is elated that the standoff has been brought to a logical finality in the interest of optimum.
• The organization is optimistic and expectant of positive impact on the Copperbelt and national economy.
• Going forward both the Government and Vedanta Resources Limited have learnt some lessons regards the need for mutual dialogue.
Inter-Africa Governance Network (AFRINET) has called on stakeholders in the mining sector to exercise patience, flexibility and Industrial harmony towards ZCCM-IH and Vedanta Resources Limited as they collaborate in actualizing their individual commitment and obligation in returning Konkola Copper Mine (KCM) to full production.
AFRINET Executive Director Maurice Malambo told Money FM News that the organization is elated that the standoff between Vedanta Resources and Government has been brought to a logical finality in the interest of optimum production at the mine.
Mr. Malambo is optimistic and expectant of positive impact on the Copperbelt and national economy in view of Vedanta’s commitment to its investment expansion through capitalization of KCM to the tune of US$1 Billion, US$220 Million payment owed to contractors and suppliers, and 20% salary increment to employees among others.
“AFRINET welcomes the handing over of Konkola Copper Mine to Vedanta Resources Limited by the Government of the Republic of Zambia making the long anticipated resolution of the Government – Vedanta standoff that protracted since the takeover of the mine by the previous administration of the Patriotic Front in 2019.”
“As such, going forward both the Government and Vedanta Resources Limited have learnt some lessons regards the need for mutual dialogue because out of this standoff none of the parties has benefited, on the contrary both have undeniably lost revenue,” Mr. Malambo stated.
He commended both parties for the decision to resolve the standoff through an out of Court settlement, as this has saved time and resources.
“Going forward both the Government and Vedanta Resources Limited have learnt some lessons regards the need for mutual dialogue because out of this standoff none of the parties has benefited, on the contrary both have undeniably lost revenue.”
“We commend the Mines Unions of Zambia, Mines Suppliers and Contractors Associations and other relevant stakeholders for holding the patience of the affected workers and the communities Konkola Copper Mine is operating and further urge them to collaborate in the quick return of Konkola Copper Mine to optimum productivity,” he added.
Government has reinstated Vedanta Resources to run Konkola Copper Mines following extensive consultations with various stakeholders including the unions.
Vedanta has committed and agreed to invest US$1 billion in KCM development, US$250 million payment to all local creditors, US$20 million investment into the local community every year, 20% increase in salaries for employees and One-off K2500 payment to all workers.
