Vedanta Secures $250 Million Funding to Settle KCM Debts Vedanta Resources, the parent company of Konkola Copper Mines (KCM), has secured US$250 million in financing to settle outstanding debts owed to creditors of the troubled mining company. KCM, Zambia’s largest copper producer, has been facing financial difficulties for several years, with debts estimated at around US$1.5 billion. The funding arrangement will enable Vedanta to pay off a significant portion of these obligations. The financing package includes a US$150 million loan from Credit Suisse and a US$100 million syndicated loan from a consortium of banks led by Standard Chartered Bank. Vedanta will use the funds to settle debts with contractors, suppliers, and other creditors. The move comes as a relief to creditors who have been waiting for months for payments. It also provides stability to KCM’s operations and allows the company to focus on improving its financial performance. “This financing arrangement is a significant step in addressing KCM’s financial challenges,” said Anil Agarwal, Chairman of Vedanta Resources. “We are committed to supporting KCM and ensuring its long-term success.” The funding is expected to improve KCM’s cash flow and liquidity position, enabling it to invest in its operations and improve production efficiency. Vedanta has also pledged to work closely with the Zambian government to support the mining sector’s growth. The settlement of KCM’s debts is a positive development for Zambia’s economy. Copper mining is a major contributor to the country’s GDP, and the resolution of KCM’s financial issues will boost investor confidence and attract new investments in the sector.This HTML code appears to be the content of a web page related to mining in Zambia, specifically about Vedanta Resources providing funding to pay creditors of Konkola Copper Mines (KCM). Let’s break down its hierarchical structure:This HTML code appears to be the content of a web page related to mining in Zambia, specifically about Vedanta Resources providing funding to pay creditors of Konkola Copper Mines (KCM). Let’s break down its hierarchical structure: `

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` tag.Vedanta Resources is prepared to pay KCM creditors $250 million as part of its acquisition of Konkola Copper Mines (KCM) in Zambia. The funds will be used to settle outstanding debts owed to various creditors, including suppliers, contractors, and employees. Vedanta’s acquisition of KCM was finalized in May 2022, and the company has since been working to address the mine’s financial challenges. The $250 million financing package will provide immediate relief to KCM’s creditors and help stabilize the company’s operations. Vedanta has also committed to investing $1.5 billion in KCM over the next five years to improve production and profitability. The financing package is a significant step forward for Vedanta and KCM. It will allow the company to clear its debts, invest in its operations, and create jobs in Zambia.