By NATION REPORTER
VEDANTA Resources says it has not yet taken control of management at Konkola Copper Mines (KCM) until after the scheme of arrangement is completed and the Provisional Liquidator removed.
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Vedanta Resources, Director Corporate Communications Masuzyo Ndhlovu said the scheme of arrangement is a court approved agreement between a company and its creditors.
Mr. Ndhlovu said the scheme also included the withdrawal of the Provisional Liquidator and reinstatement of the KCM board.
He also said the obligation to pay creditors and employees starts after all the processes are completed for a full take over.
Mr. Ndhlovu said the provisional liquidator is currently responsible to run the assets of KCM. “Vedanta Resources remains resolute, remains focused and determined over the issues of Konkola Copper Mines. We stand by the commitments that we made of improving the mine in terms of mine development.
Remember the US$1 billion investments for mine development indeed other activities associated with the mine.
“I should say that almost all the process have been done, one process we are still remaining with is the scheme of arrangement which is a court-approved system. Once it is done it will entail appointment of the board that will oversee the operations of KCM and the management team that will run the mine,” Mr. Ndhlovu said.
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