Zambia’s government has returned control of the troubled copper mine, Konkola Copper Mines (KCM), to its original owners, Vedanta Resources.
In 2019, KCM was placed under liquidation following accusations by former President Edgar Lungu that it had not fulfilled its obligations, initiating a prolonged legal dispute. Zambia’s efforts to attract new investors for the operation proved unsuccessful.
Mines Minister Paul Kabuswe has now announced Vedanta’s return and their commitment to invest $1 billion (£796 million) in developing the mine.
An additional $250 million will be allocated to settling all outstanding debts to local creditors, as confirmed by a Vedanta executive. Furthermore, an annual investment of $20 million will be directed towards the local community in the Copperbelt region.