Government has concluded negotiations with Vedanta Resources Limited regarding the running of Konkola Copper Mines (KCM).
Mines and Minerals Development Minister Paul Kabuswe says the two parties have resolved to withdraw all court cases concerning the asset.
However, Vedanta commits and agrees to do the following:
• $ 1 billion investment in KCM development
• $250 million payment to all local creditors
• $20 million investment into the local community (CSR)every year through a special purpose vehicle a Community Trust.
• 20% increase in salaries for employees
• One-off K2500 payment to all employees