…. Allow Vedanta Resources to inject in the US$1.5 billion that it has promised in KCM operations
Kitwe… Tuesday September 20, 2022
Green Party President Peter Sinkamba has called on Government to quickly resolve the issues surrounding operations at Konkola Copper Mines (KCM) outside the arbitration process in order to boost production at the mine.
Mr. Sinkamba says it is important that Vedanta Resources is given back the asset so that it can inject over US$1.5 billion into KCM’s operations.
He notes that production at the mine has reduced significantly hence the need to resolve this issue as soon as possible.
“As Green Party, we think it is very important for government to move in very quickly to resolve the KCM issues as well as the Mopani Copper Mines issues. We have noted that the copper production has reduced significantly. We were supposed to have hit somewhere around 1 million tonnes per annum starting from this year. But instead we’ve been reaching the 800,000 metric tonnes that we achieved in 2020. We have gone down almost 700,000 metric tonnes so we really have to work extra hard to get these issues resolved,” he said.
“Number one focus KCM view has been that there is a need for government to sit down with Vedanta as soon as possible, resolve the issues outside court, outside the arbitration process, and then we will move on as a nation and allow them to inject the $1.5 billion in the production.”
He since urged government to quickly resolve the KCM and Mopani issues as soon as possible so as to bring a little bit of liquidity in the economy, especially on the Copperbelt and offer some profits.