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Hand over KCM TO Vedanta Resources, they are the legal owners, Govt urged

Filed under: Business,Latest News |

Lusaka… Wednesday March 29, 2023

Advocates for National Development and Democracy (ANDD) and Zambians For Peace, Unity And Development have once again petitioned the Minister of Mines, Hon Paul Kabuswe regarding the KCM-VEDANTA issue.

ANDD executive director, Samuel Banda has disclosed that the decision to take this step follows the Minister’s pledge in their last meeting, were assurance was given that the mining impasse would be conclusively dealt within the first quarter of 2023, which unfortunately has not been done.

“Since we are almost at the close of March, which signifies the end of the first quarter, we are therefore seeking government’s update through our Hon Minister on this very important national issue which borders on our country’s socio-economic development” he said.

He further stated that it is in public domain that the KCM-VEDANTA issue has been longstanding, without a clear direction, thereby not only affecting our country’s mining sector, but posing serious economic challenges for miners and businesses on the Copperbelt.

He has also observed that Zambia’s economic performance has not been favorable as evidenced by the depreciation of the Kwacha which experts have attributed to lack of copper production due to challenges in the mining sector.

Mr. Banda has therefore asked governments to give a categorical position on this issue since the third quarter deadline is over, adding that his organizations position still remains that Vedanta should be given the mine as the legal owners so that mining operations can be resuscitated in order for the country to become economically viable.
And Zambians For Peace, Unity and Development, president, Ronnie Jere says the silence on the issue is worrisome, and therefore demanded that the Minister of mines should by Friday update the nation on the way forward.
He said his hope is that Vedanta, and not any other investor will be given the mine, considering the standing legal battles between government and Vedanta resources, that may resurface should government fail to honor their pledge to have this matter conclusively dealt with.
Mr Jere explained that if this issue goes to court, it will take a long time for economic stability to be restored and businesses will deteriorate further and miners whose jobs are already compromised will becomes destitutes.
He said government should not entertain any manouveres that will resustate the legal battles with Vedanta, especially that the matter was moved out of court to facilitate for a quicker and less complicated transition process.


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