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Government has handed over the ownership of Konkola Copper Mines -KCM- to Vedanta Resources.
KCM runs Nampundwe Mine in Shibuyunji District, Konkola Mine in Chililabombwe, Nchanga Mine in Chingola and Nkana Smelter in Kitwe.
Mines Minister PAUL KABUSWE says the government has decided to hand over the mining giant to Vedanta Resources as a majority shareholder and ZCCM-IH as a minority shareholder after protracted negotiations.
Speaking at a press briefing in Lusaka, Mr. KABUSWE said KCM has been given back on condition that Vedanta Resources injects more funding and revamp the Chililabombwe based Konkola Deep Mining Project.
He said the Konkola Deep Mining Project is the future of KCM and its revival will create more jobs and opportunities for mine contractors and suppliers.
Vedanta Resources Executive Director for Southern Africa PUSHPENDER SINGLA announced that the mining giant will invest one billion dollars in KCM in the next five years.
Mr. SINGLA said the company will also spend 250 million dollars to pay creditors and 20 million dollars for community projects
He also disclosed that KCM workers will get a 20 percent salary increment.
Meanwhile, ZCCM-IH Board Chairman KAKENENWA MUYANGWA tasked KCM to ramp up production and work towards achieving the countrywide target of producing three million tonnes of copper production.
And Copperbelt Minister ELISHA MATAMBO said Copperbelt residents are excited to hear that the KCM impasse has now been resolved.
Meanwhile, Mine Workers Union of Zambia President JOSEPH CHEWE thanked President HAKAINDE HICHILEMA for having listened to the cries of the people and handing back KCM to Vedanta Resources.
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