KCM CLASS 2 CREDITORS COMMENDED FOR SUPPORTING SCHEME OF ARRANGEMENT

 

The Advocates for National Development and Democracy -ANDD- has commended Konkola Copper Mines -KCM- Class 2 Creditors for their unwavering support in approving the scheme of arrangement.

Vedanta Resources has secured a cumulative approval rate of 99.3 percent from both classes of creditors, exceeding the required 75 percent threshold, following the creditor scheme of arrangement meeting held this week.

ANDD Executive Director Samuel Banda says this development is a critical step not only to facilitate payments to KCM suppliers and contractors but also to open the path for Vedanta Resources to take full control of KCM operations.

Mr. Banda has also commended all stakeholders who have played respective roles during this transformative period which is the final transitional stage to facilitate for full KCM takeover by Vedanta.

He has noted that the endorsement of this arrangement is also a significant milestone that now sets the stage for Vedanta’s fulfillment of its ambitious mining strategic investment commitments and vision.

Mr. Banda has since called on Vedanta to prioritize Zambians when it comes to the offering of jobs and business opportunities, once they take over the operations of the mine.

PHOENIX NEWS