VEDANTA’S CAPACITY TO RUN KCM REMAINS QUESTIONABLE

Economist Lubinda Haabazoka says it would be good to have a new investor to buy shares from Vedanta in Konkola Copper Mines-KCM- as Vedanta’s capacity to run the mine remains questionable owing to its financial difficulties.

According to Reuters, the mining investment arm of Abu Dhabi’s most valuable company has offered to buy a majority stake in Vedanta resources’ Zambian copper assets as it recently made an offer of more than $1 billion to buy a 51% stake in.

In an interview with Phoenix News, Dr. Haabazoka says Vedanta is unable to operate KCM because it is facing financial challenges at group level evidenced by the slow pace at which the investor is moving.

He says the coming in of International Resources Holding gives hope to the people that things will start flowing especially looking at the pace it is moving with Mopani Copper Mines which has started paying contractors and suppliers.

Meanwhile efforts to reach Vedanta Resources Corporate Communications Director, Masuzyo Ndhlovu for a comment on the matter proved futile by broadcast time as his phone went unanswered.