Vedanta Resources Holdings Limited Confirms $245.75 Million Disbursement to Konkola Copper Mines

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Vedanta Resources Holdings Limited (VRHL) has confirmed the successful disbursement of $245.75 million to Konkola Copper Mines (KCM) bank account in Zambia. This funding, sourced internally within the Vedanta group, marks a significant step in revitalizing KCM’s operations.
The transfer of $245.75 million from the VRHL Escrow account to KCM’s bank account in Zambia has been completed.
Vedanta will allocate funds from KCM to creditors and employees in accordance with the Scheme of Arrangement and Agreement.
This process will commence following the imminent reinstatement of the KCM Board of Directors to ensure timely and orderly payments.
Masuzyo Ndhlovu, Director of Corporate Communications, issued a press release confirming these developments. Additionally, Vedanta Resources Holdings Limited announced the reinstatement of the KCM Board of Directors, marking the return of full management control to Vedanta. This reinstatement is the necessary first step for Vedanta to ramp up production and work towards unlocking KCM’s full potential.
With these strategic moves, Vedanta aims to restore stability and enhance the operational efficiency of Konkola Copper Mines, signaling a positive trajectory for the company’s future.
Fingers crossed. Aba ba nsamya, you just never what’s up their sleeve.
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