According to the Association of Mine Suppliers and Contractors, Konkola Copper Mines-continuing KCM’s balancing of Vedanta’s liabilities is sufficient justification for the troubled investor to retain ownership of the asset. Costa Mwaba, the association president, questions whether Vedanta or a totally new investor is intended to benefit from the ongoing balancing of liabilities at KCM.…
According to the Association of Mine Suppliers and Contractors, Konkola Copper Mines-continuing KCM’s balancing of Vedanta’s liabilities is sufficient justification for the troubled investor to retain ownership of the asset.
Costa Mwaba, the association president, questions whether Vedanta or a totally new investor is intended to benefit from the ongoing balancing of liabilities at KCM.
He contends that it is improper for Vedanta to continue running KCM in light of the liabilities it left behind, such as employee terminal benefits and The ongoing payments have already been sent to regional vendors and contractors.
In an effort to decrease liabilities and support business growth, KCM Provisional Liquidator Celine Nair recently disclosed that the mine has set aside $2 Million to pay off outstanding debt to 293 small and medium suppliers and contractors.
After this revelation, Mr. Mwaba stated that he expects his association’s members to do more business with KCM. He also challenges the interim liquidator to make sure that the mine starts paying invoices on time going forward.
