Vedanta offers Zambia investment commitments in return for copper-mine control

On May 11, 2005, the Coca-Cola mining project began in Chililabombv, 500 km (300 miles) north of the capital Lusaka. REUTERS / Salim Henry / Image of the file

Lusaka, May 8 (Reuters) - VDAN.NS has written to the government in a letter to increase investment in Coca-Cola Minerals (KCM) in Zambia and implement various social responsibility programs after the recovery of a home business. . .

The former Zambian government handed over liquidator KCM Mingo Lungu in May 2019, sparking an ongoing legal dispute with KCM’s parent company Vedanta Resources.

The government has accused Vedanta of failing to comply with licensing requirements, including promised investments. Vedanta has repeatedly denied violating the terms of the KCM license.

Paul Cabusway, Minister of Sholko Mines, Suned Dougal, CEO of Vedanta Inland Company, said the company is committed to investing $ 1 billion in capital mining and other infrastructure. Increase KCM productivity. .

The letter said on May 5: "The Upper Vedanta treaties are part of the framework agreement between KCM, Vedanta, ZCCM-IH and (the Government)."

ZCCM-IH is a state-owned mining investment company.

Douggal said that the ongoing conflict between Vedanta and the government has not benefited KCM actors and that a mutually beneficial solution must be found first.

Kabuswe and Anthony Bvalia were unable to contact the presidential spokesman immediately.

In a letter, Douggal promised that VCanta would pay $ 220 million to suppliers, mostly small suppliers, when Vedanta appointed him as interim liquidator.

The company has promised to increase salaries by 20 percent.

A copy of the letter to President Hakeinde Hichilema states:

According to Musuzio Ndlov Vedanta, Zambia's Director of Corporate Communications, the letter was sent to KCM to comment on the possibility of returning to Vedanta.

"Our team's executive has explained the return of Vedanta to KCM Plc. The content is original and has been sent to the minister," Ndhlovuk told Reuters.

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