By NATION REPORTER
THE Advocates for National Development and Democracy (ANDD) has called on government to speed up the finalisation of all the legal framework for Konkola Copper Mines (KCM).
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ANDD Executive Director, Samuel Banda, said these include the withdrawal of legal disputes that include the KCM liquidation, removal of the provisional liquidator, appointment of the new KCM board, creditors scheme, loan agreements, among others.
Mr Banda said it is important that Vedanta Resources takes full control of KCM as soon as possible.
“We recognise government efforts to revamp KCM and enhance development in the mining sector. We are happy that government and Vedanta signed the shareholders agreement and implementation agreement which is the fundamental key aspect to speed up the transition process to pave way for a full take over.
It’s good that both parties Vedanta and government are committed to resuscitate KCM. This will surely promote development and national economy,”he said.
He said the government should expedite the submission of the agreements that it has with Vedanta Resources in the London Court of Arbitration as a way of speeding up this process.
“However we are aware that the issue was in London Court of Arbitration and we are aware that government has not yet withdrawn the provisional liquidator. We are aware that there is a creditors scheme of arrangement that needs to be submitted before the London court to facilitate a smooth transition. The scheme outlines the mining plan on how to clear off the debt that KCM owes suppliers and contractors.
“In this regard, we want to appeal to government to expedite all the legal processes of finalisation. Hon Paul Kabuswe should engage the provision liquidator at KCM to promptly to submit the creditors scheme of arrangement and other legal requirements in the Zambian court,”Mr Banda said.
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