Biz & CorporateBusiness

CSOs to check judicial progress on KCM creditors scheme of arrangement


A CONSORTIUM of civil society organisations advocating for the revamping and development of the mining sector in Zambia, has launched a search at the High Court to check progress made by Government and Vedanta regarding the creditors scheme of arrangement. 

Minister of Mines and Minerals Development  Paul Kabuswe announced on January 5, 2024 that Government filed before court a creditors scheme of arrangement as part of the transition process. 

Consortium leader, Samuel Banda, said the creditors scheme of arrangement was a critical aspect of the KCM-Vedanta transition process meant to provide legal guidance on payments to be made to creditors that Konkola Copper Mines (KCM) was owing.

Mr Banda said this would facilitate the removal of the provisional liquidator at KCM so that Vedanta Resources took full control of the mining firm and begin to implement thei mining development investment commitments.

“We wish to state that the full operationalisation of KCM will resuscitate the country’s economy, help suppliers and contractors to operate effectively and efficiently, and also contribute to the national treasury through taxes,” he said.


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