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Vedanta Open to Dialogue with Zambian Government

Vedanta says keen to open dialogue with Zambia’s ZCCM; reiterates commitment to invest USD 1.5bn in Konkola Copper.

Vedanta Resources on Wednesday said it is keen to open dialogue with Zambias ZCCM and reiterated it commitment to invest USD 1.5 billion into operations, communities and local economies around Konkola Copper Mines.

This comes after the mining group had said an arbitral tribunal in a partial final award ruled that ZCCM has breached dispute resolution provisions provided in Vedanta Resources’ Konkola Copper Mines (KCM) shareholder agreements.

”As Zambia embarks on an exciting new chapter in its history under the leadership of His Excellency Hakainde Hichilema, President of Zambia, Vedanta is keen to open a dialogue with ZCCM as we today re-iterate our commitment to investing $1.5 billion into the operations, communities and local economies around KCM,” Sunil Duggal, Group CEO, Vedanta said in a statement. ”Vedanta is committed to making KCM and Zambia world leaders in copper production once again and we look forward to working with the community in the Copperbelt and collaborating with the new government in any way necessary to ensure that a stable and beneficial future is achieved for all stakeholders at KCM,” he added.

KCM remains a very important asset to Vedanta and Zambia and the company is committed to ensuring the success of its operations for the benefit of its employees and surrounding communities, as well as contributing to delivering better lives for all Zambians, he said.

Vedanta, the world’s sixth-largest globally diversified natural resources company, has operated for over a decade in Zambia.

Metals and mining firm Vedanta Resources holds a 79.4 percent stake in KCM, while the Zambian government through its state mining investment firm ZCCM-IH holds the remaining 20.6 percent.

Vedanta and Zambia are arbitrating in London over the KCM dispute, which began when the Zambian government accused Vedanta of failing to honor license conditions, including promised investment.

Vedanta has previously denied that KCM broke the terms of its license.


Published by MyWritings

A Writer, A Diplomat in Waiting, Climate Change Advocate and a Football Administrator

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