The government has reinstated Vedanta Resources Limited to run Konkola Copper Mines after protracted negotiations.
Some of the conditions that Vedanta has agreed to include, investing 1 billion dollars in KCM development, payment of 250 million dollars to all local creditors, and investment of 20 million dollars into local communities through corporate social responsibility.
The Indian Investor has also committed to increase salaries for employees by 20 percent and a one-off payment of K2500 payment to all employees.
Vedanta Zinc International South Africa Executive Director and Chief Financial Officer Pushpender Singla says his firm is ready to contribute to the government’s three million copper production target in the next decade.
By Lovemore Sondashi
