Vedanta welcomes court outcome

By Ruth Chayinda

Vedanta Resources has welcomed the Lusaka High Court’s approval of the creditor scheme of arrangement saying it will pave way for the revitalisation of Konkola Copper Mines -KCM-.

Vedanta Resources says the company remains committed to working with the government, employees and the local communities to restore KCM’s operations, enhance its performance, and drive economic growth in Zambia.

In a statement issued to ZNBC News by the Corporate Communications Office, the company also reaffirmed its commitment to pay 250 million United States dollars to contractors and suppliers and awarding a 20 percent salary increment to employees.

The Company has also committed to make a one-off payment of 2500 Kwacha to all KCM employees and allocated 20 million United States for community development through the Corporate Social Responsibility initiatives, managed through a community trust.

Vedanta has also appreciated the support of all stakeholders who participated in negotiations with government and those who supported the scheme of arrangement to make it go through.