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Vedanta has secured US$250 million in funding to pay KCM creditors, as per a High Court decision rendered on June 28, 2024.
This was announced in a joint statement by Vedanta Resources, the Government of the Republic of Zambia (GRZ), and ZCCM Investments Holdings Plc (ZCCM-IH).
The three entities expressed confidence that Vedanta’s reinstatement signalled a new era of growth and prosperity for KCM.
They are working diligently to complete all steps in the transaction process.
“Vedanta Resources, the GRZ and ZCCM-IH are collaborating closely to ensure the completion of all steps outlined in the transaction documents,” the statement read.
The involved parties emphasized their shared commitment to KCM’s long-term viability, aiming to secure a sustainable future for the company.
This cooperation marked a significant step forward, promising a brighter future for KCM, its employees, and the communities it served.
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The transaction is expected to be completed on or around July 8, 2024.
“Upon successful completion of all relevant pre-condition steps, the Escrow account will be funded on or around July 8, 2024, with $250 million to pay small creditors,” the statement continued.
Additionally, KCM employees would receive a one-off payment of K2500 and a 20 percent salary increment following board reinstatement.
The parties envision that KCM would make a profound impact on the local community, providing benefits such as education, healthcare programmes and economic empowerment.
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