By Staff Reporter
Vedanta Resources has commenced funding to Konkola Copper Mines (KCM) and has so far disbursed over three million to pay suppliers, employees’ salaries and corporate social responsibility among other obligations.
Vedanta Resources corporate communications director Masuzyo Ndhlovu said Vedanta had also disbursed its first $25 million United States Dollars for employees’ salaries, contract labour as well as for other critical services to maintain the integrity of the asset.
Ndhlovu said Vedanta has since deployed a technical team to KCM to work together with the management and ascertain the state of the asset.
He explained that this was aimed at ensuring that business was prepared for operations once Vedanta takes over upon conclusion of the scheme of arrangement.
“So what is going to happen is that after the scheme of arrangement is concluded, with the courts, the next thing that will happen is that the provisional liquidator will vacate her office and handover the company KCM to Vedanta Resources and once that happens it means that Vedanta Resources together with the other shareholder ZCCM- Investment Holdings will now be able to appoint a board of directors and once the board of directors is appointed, the management will be reporting the board of directors for decision making, for critical decisions for KCM for all policy and direction,” Ndhlovu explained.
“So once that happens it now means that Vedanta will be able to now fulfil the commitments which we could have made such as paying off the employees 20 percent salary increment, and being able to pay the K2,500 once of payment of all staff across the board.”
He said Vedanta will also be able to pay the small suppliers to the tune of $250 million United States Dollars and we will be able to roll out corporate social responsibility programmes.
The communications director also said there was an allocation of $20 million United States Dollars, to roll out the CSR programmes.
