As a community, we are aware that the creditors scheme of arrangement meetings for Konkola Copper Mines (KCM) will take place on May 24th and 30th for creditors owed less a million dollars and those owed more than a million respectively. These meetings hold immense significance for resolving the protracted KCM disputes.
The delay in resolving KCM issues has already led to significant layoffs of workers, non-payment of funds to contractors and suppliers, and a drastic decline in copper production levels.
For this reason, we urge all creditors involved in the process to support the scheme of arrangement and ensure its success for the benefit of all stakeholders, especially the community members.
With the conclusion of this process, we anticipate the government will officially hand over KCM to Vedanta Resources. Vedanta Resources is prepared to inject billions of dollars into KCM for recapitalization, thereby revitalizing the asset.
Additionally, Vedanta plans to spend over K600 million annually on corporate social responsibility initiatives, increase workers’ salaries by over 20%, and pay contractors and suppliers over $250 million.
These initiatives will undoubtedly bring about an economic turnaround in our communities, lifting thousands of Copperbelt residents out of unemployment and poverty. Hence the need for all creditors to vote in support of the scheme of arrangement.