Melo News | Tuesday, April 23, 2024 | Lusaka
Economist Lubinda Haabazoka believes that it would be beneficial to have a new investor purchase shares from Vedanta in Konkola Copper Mines (KCM) due to Vedanta’s questionable ability to effectively manage the mine amidst their financial difficulties.
According to Reuters, the mining investment division of Abu Dhabi’s most valuable company has expressed interest in acquiring a majority stake in Vedanta’s Zambian copper assets, offering over $1 billion for a 51% stake.
Dr. Haabazoka highlights Vedanta’s current financial challenges at the group level, which is evident in their slow progress in operating KCM.
However, the entrance of International Resources Holding brings hope to the local community, as they have shown promising progress with Mopani Copper Mines by promptly paying contractors and suppliers.
Despite attempts to contact Vedanta Resources Corporate Communications Director, Masuzyo Ndhlovu, for a comment, no response was received by the time of broadcast.
