By ALICE NACHILEMBE
Vedanta Resources Limited and its subsidiary, Konkola Copper Mines (KCM), have commenced payments under the KCM Creditors Scheme, starting with the municipalities where the mines operate. Chingola Municipal Council has received K26,809,553, Chililabombwe Municipal Council K8,180,298.28, and Kitwe City Council K14,958,653.96, respectively.
KCM Chief Financial Officer, Manish Saxena, expressed his pleasure in announcing the start of payments to all Class 1 and Class 2 creditors, emphasizing that KCM means business and intends to maintain cordial relations with stakeholders in the future of mining at KCM. Saxena stated that the company aims to pay all creditors expeditiously, in accordance with the rules under the Scheme of Arrangement. He noted that KCM is working closely with the scheme administrator and other parties involved to ensure timely payments without further delays.
Saxena acknowledged the recent high court order prescribing payment dates but explained that certain steps had to be taken to ensure compliance with the court order and the implementation agreement signed by the government, ZCM-IH, and KCM. He thanked all KCM business partners, including municipal and city councils, for their patience and acknowledged the importance of engaging key stakeholders whose land hosts KCM’s assets. Saxena also expressed gratitude to the government for its leadership in facilitating the seamless handover of KCM to Vedanta.
He clarified that payments will be staggered over the next few days but assured that all creditors will be paid eventually. Finally, Saxena thanked the town clerks and their senior staff for attending the occasion and looked forward to conducting business with them professionally.
Receiving the cheques on behalf of their councils, town clerks for Chingola, Chililabombwe, and Kitwe expressed gratitude to the mining firm, stating that this gesture will ease their operations.
They all said the money will transform the face of their towns respectively.
