Concerns had surfaced regarding Vedanta Resources Limited’s […]

Concerns had surfaced regarding Vedanta Resources Limited’s fulfillment of its financial commitments to Konkola Copper Mines (KCM) following the handover agreement with the Zambian Government in 2023.

 Under the terms of the November 2023 agreement, Vedanta and KCM pledged to establish a community trust dedicated to implementing Corporate Social Responsibility (CSR) initiatives, with an annual commitment of $20 million in funding.

 When contacted by the Zambian Business Times (ZBT) regarding the establishment and operational status of the community trust, as well as whether Vedanta had fulfilled its commitment to provide $20 million annually, specifically for the years 2024 and 2025, and the allocations for 2026, KCM’s Chief Corporate Affairs Officer, Dr. John Kunda, confirmed that only the first tranche of funding has been successfully disbursed, with program implementation currently underway.

 “We are currently in the second tranche of funding in line with the agreed framework,” Dr. Kunda added, addressing concerns about delayed or incomplete disbursements. Dr. Kunda also clarified that the CSR Trust, established to manage these funds, has been registered and is fully operational. “The Trust is managed by Zambian Trustees representing various communities within KCM’s areas of operation,” he noted.

 The reaffirmation comes as stakeholders continue to express concern over Vedanta and KCM’s progress in fulfilling their annual $20 million CSR funding commitment for the years 2024, 2025, and 2026.

Article by Tyndale Muchiya