…..the asset has the potential to turnaround the country’s economic woes, says ZUPED
Revamping of Konkola Copper Mines Plc would go a long way in helping cushion the current economic shocks the country is going through, says the Zambians for Unity, Peace and Development (ZUPED).
ZUPED President Ronnie Jere says KCM has the potential to turnaround the country’s economic woes hence the need to reopen it as soon as possible.
Mr Jere said Zambians are looking forward to the May 25th, 2024 creditors meeting which will guide Vedanta Resources in settling the debt owed to contractors and suppliers by KCM.
Mr Jere also said reopening of KCM would help people navigate the current high cost of living as they will have access to jobs and business opportunities.
“The people of Zambia are anxiously waiting for the reopening of KCM by handing it over to Vedanta Resources after the 25th May creditors meeting. Because of the high cost of living, people need jobs and business opportunities to survive the current shocks. This is why we have been advocating for the speedy transition process so that the mine can be opened and operate effectively,” he said.
“We have economic challenges such as the volatility of the kwacha. Now it’s trading at over K27 to a single dollar. The government has tried measures to stabilise it but nothing seems to be working. Imagine if KCM is reopened? It will no doubt help the country earn the much needed foreign exchange. Mopani was opened recently, we need KCM to be up and running in order to help resolve the current economic challenges.”
Mr Jere is also confident that Vedanta will deliver when it takes over KCM saying it has the financial muscle and technical capacity to run the mine.