ANDD ELATED BY VEDANTA’S ARRANGEMENT OF US$250 MILLION TO PAY CREDITORS

 The Advocates for National Development and Democracy (ANDD) says it is thrilled and welcome Vedanta’s arrangement of US$250 million in collaboration with the government and ZCCM-IH to pay Konkola Copper Mines Plc creditors.

ANDD Executive Director Samuel Banda says this development is significant not only for KCM but for the contractors and suppliers.

Mr Banda emphasized that the mining sector remains Zambia's socio-economic backbone.

"The arrangement of US$250 million to pay off creditors, as mandated by the Lusaka High Court decision, reflects a positive step forward in the realization of Vedanta’s other mining commitments," he said.

"As an organization, we are optimistic about Vedanta's commitment to its mining obligations and the potential for increased productivity at KCM when all the administrative issues are concluded."

Mr Banda stated that this move has instilled confidence and will potentially boost mining activities and contribute to economic growth.

"We wish also to appeal to the stakeholders,the mine unions, contractors, suppliers and employees at KCM to fully support the take over of Konkola Copper Mine by Vedanta Resources as the development will not just advance mining production but will create the much needed jobs and business opportunities for Zambians and contribute to Zambians Gross Domestic Product," he concluded.