…but some NGO have applauded government for considering Vedanta to come back and take ownership of KCM with 80 percent shareholding
By NATION REPORTER
THE imminent return of Vedanta has sparked mixed feelings.
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A Mining expert Edward Simukonda is disappointed that Government has decided to bring back Vedanta Resources and take over the operations Konkola Copper Mine (KCM).
But the National Development and Democracy (NADD) has applauded Government through the Ministry of Mines and Minerals Development for making progress with talks to hand over KCM back to Vedanta Resources
Minister of Mines and Mineral Resources Paul Kabuswe announced the re-engagement of Vedanta Resources as the 80 percent majority shareholder to invest in KCM.
But Mr. Simukonda says the re-engagement of Vedanta Resources after its acrimonious exit from the mine was a clear indication that government did not take heed to concerns raised by many stakeholders against the return of Vedanta Resources.
He said the return of Vedanta Resources to KCM would not bear any positive results because according to him, the company had a bad history and could not be trusted again.
Mr Simukonda said bringing back Vedanta Resources to KCM was like shooting oneself in the foot which he said was the exact thing government had done.
But Samuel Banda, the executive director of ANDD has described the move to bring back Vedanta Resources as progressive and important for the country economic development.
He adds that, the organisation was hopeful that government will conclude the remaining stages of the discussions as soon as possible.
Mr Banda said it was important that the hand over was done as soon as possible for the mine to start operating at its maximum capacity so that Zambians on the Copperbelt could go back to work.
He said if KCM started operating at its optimum capacity, Zambia’s Gross Domestic Product (GDP) would be expected to increase.
“The Mines Minister’s pronouncement on the 14 July 2023 during a press briefing that the government is remaining with one matter to resolve with Vedanta is a welcome and progressive development and we hope that this matter will be settled once and for all.”
“We believe when KCM begins to operate effectively and efficiently optimally, we should expect increase in our GDP, creation of employment, business opportunities, and increase in foreign earnings and growth in our domestic economy” Mr Banda says.
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