"Government and Vedanta Forge Resolution for the Revival of Konkola Copper Mines"

After a rigorous and extensive two-year endeavor aimed at facilitating fair and just negotiations regarding the future of Konkola Copper Mines (KCM), the government and Vedanta have ultimately reached a definitive resolution.

The long-anticipated revitalization of the mine is now on the horizon, set to commence within the next three months, a strategically calculated move synchronized with the culmination of all pertinent legal proceedings.

With Vedanta, holding a substantial majority share of approximately 79.4 percent, taking the lead, the mine is expected to be restored to its former glory, aided by the commitment of ZCCM-Investment Holding (ZCCM-IH) to inject a substantial USD$1 billion into the comprehensive revival of KCM.

In a noteworthy commitment to the welfare of the workforce, the mining company has also pledged a 20 percent salary increase for its employees, while simultaneously earmarking USD$250 million for local creditors.

Back in 2019, KCM faced the specter of liquidation under the previous Patriotic Front (PF) government, which led to the cessation of mining operations.

However, through protracted negotiations, the mine is now poised to recommence full-scale operations within three months, with a target output of three million metric tonnes of copper.

Addressing the media, Mines Minister Paul Kabuswe announced the successful conclusion of these negotiations, heralding a new chapter of mining activities. He emphasized the government's unwavering commitment to revitalizing the economy.

"The New Dawn Government is dedicated to nurturing resilient and sustainable mining enterprises. While the journey may have been longer than anticipated, the government was steadfast in its determination to avert the liquidation of the mine. President Hakainde Hichilema and the New Dawn administration believed that sitting down at the negotiation table to address these issues was the better course of action," he stated.

Mr. Kabuswe elaborated on the conditions that the government and stakeholders have set for the mine's operations, which include the renewal of financing commitments, salary increases for employees, investments in transparent governance and social programs, the settlement of debts owed to local creditors, and the restoration of the Government's golden share.

He assured that his ministry would rigorously uphold the law to ensure that investors operate responsibly and that mining activities are closely supervised for maximum societal benefit.

"The Ministry of Mines, in collaboration with the Ministries of Justice, Finance, and Commerce, will work in tandem moving forward. Our aim is not to stifle investment but to maintain order. We are resolute in preventing a recurrence of the past issues faced by KCM," he emphasized.

In response, Vedanta representative Pushpinder Singler reaffirmed the firm's commitment to fostering a harmonious partnership with the government and the nation as a whole.