KCM Increases Production To 8,000 Metric Tons

Konkola Copper Mines (KCM) Plc has increased production by 8,000 metric tons in the last five months, which, according to KCM Board Chairman Dr. Moses Banda, will safeguard 12,500 jobs.

Speaking to ZNBC News, Dr Banda highlighted key milestones achieved since Vedanta Resources assumed management, welcoming news that employees received their 20% salary increment and the once-off bonus.



“In addition to supporting our employees, we have also made significant payments to our creditors. We made a payment of US$250 million to our creditors. This was paid to the scheme creditors by Vedanta which is being paid as per the process of the Scheme Administrator. All the scheme class 1 creditors have been paid in full and first tranche to scheme 2 has also been paid. In cases of a dispute these are being handled by the Scheme Adjudicator,” added the KCM Chairman.

Dr. Banda also reiterated KCM’s commitment to corporate social responsibility, noting that Vedanta has pledged 20 million dollars annually for community development projects through the KCM Community Development Trust.

Dr Banda said, “We have purchased buses for three football clubs, nurturing talent and careers for young people. Our procurement investment of goods and services is over K2.2 billion kwacha in the last 5 months, reinforcing our dedication to empowering Zambian businesses, stimulating economic growth, and supporting entrepreneurship, with 90% of procurement spending allocated to local suppliers and contractors.”

Concluding, Dr Banda explained that Vedanta Resources’ recent upgrade from global rating agency S&P to B status reflects funding flexibility, enhanced capital market access, and improved capital structure.