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    “A new platform to represent Botswana,” says Amos on his coaching role in Iran

    “A new platform to represent Botswana,” says Amos on his coaching role in Iran

    Karateka targets international titles

    Botswana gears up for high-stakes Gabs Open karate showdown

    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

    Eppie’s breakthrough hints at a brighter future for Botswana’s 400m

    Eppie’s breakthrough hints at a brighter future for Botswana’s 400m

    Under Babitseng BFA will be transparent and accountable

    BFA slashes deficit and eyes bright future with financial reform and football revival

    Sports chief raises alarm over doping spike amid Region 5 triumph

    Sports chief raises alarm over doping spike amid Region 5 triumph

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Zambia: Agreement reached with Vedanta

mm by RMB Africa Research
September 6, 2023
in News
Reading Time: 1 min read
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ZAMBIA: The government has reached an agreement with Vedanta Resources Ltd on the ownership of Konkola Copper Mines.

The two entities have had a legal dispute over the ownership of the mine since it was placed under provisional liquidation in 2019. Under the new terms, the government, through its investment arm ZCCM-IH, will maintain 20.6 percent ownership. The remaining 79.4 percent will be maintained as Vedanta’s shareholding. Some key features of the agreement include: US$1 billion investment in KCM development; US$250 million payment to all local creditors; US$20 million investment into the local community (CSR) every year through a special purpose vehicle – Community Trust; a once-off ZMW2,500 payment to all employees; and a 20 percent increase in salaries of employees.

The expectation is for normal operations to commence in the next three months and production to double from the current 50,000MT to 100,000MT by the end of 2024, and to steadily increase towards the 300,000MT maximum capacity in the next few years.

Tags: Konkola Copper Mines

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