By Staff Reporter
The Vedanta Must Return Community Campaign Movement for Chingola and Chililabombwe has urged the government to inject the $24 Million USD which forfeited from former KCM liquidator Milingo to the mines in order to save jobs.
Movement coordinator Chishala Mwamba stated that since KCM was placed under liquidation in 2019, the towns of Chingola and Chililabombwe had experienced unprecedented levels of unemployment resulting from thousands of people being placed on forced leave or experiencing termination of their contracts.
Mwamba stated that this unfortunate situation has led to an alarming rise in poverty levels, crime rates, and numerous other illicit activities, directly attributable to the lack of financial capital for KCM’s operations.
“Given the prevailing circumstances, the forfeiture of substantial funds by Mr. Milingo Lungu, which were misappropriated from KCM, presents an opportunity for government to alleviate this crisis and safeguard the livelihoods of the people by reinvesting the money back into KCM. The injection of these funds into KCM holds the promise of averting the economic deterioration that has been prevailing within our communities,” Mwamba stated.
He stated that even as there anticipation of the complete handover of KCM to Vedanta Resources, it was prudent to ensure that available liquidity was strategically reinvested into the asset.
Mwamba stated that this woukd serve as a comprehensive strategy aimed at revitalising the mining sector and fostering sustainable economic growth.
He added that the funds, if allocated towards KCM’s operational needs, had the potential to yield substantial benefits for the affected communities, offering a lifeline to those facing economic uncertainty.
“We, therefore, implore the government, particularly the Finance Minister, Honourable Situmbeko Musokotwane, to allocate these funds towards the revitalisation of KCM. This concerted effort, coupled with Vedanta’s significant investment commitments of $1.3 billion investment, $250 million for contractors and suppliers, and $20 million for Corporate Social Responsibility (CSR) activities, represents a holistic approach to addressing the multifaceted challenges confronting our communities,” stated Mwamba.
He stated that the availability of these funds stand as a pivotal opportunity to mitigate the escalating socioeconomic challenges being faced by the communities of Chingola and Chililabombwe.
