ZCCM INVESTMENTS HOLDINGS PLC

Remarks by Mr Kakenenwa Muyangwa, ZCCM Investments Holdings Plc

Board Chairperson, during the Announcement on Konkola Copper Mines Plc

Mulungushi Conference Centre, Lusaka

Tuesday, 05th September 2023

• The Committee of Ministers

• The Technical committee
• Senior Government Officials present
• Vedanta Resources Ltd Representatives
• The Provisional Liquidator
• Representatives of the workers unions and the association of suppliers
and contractors
• Members of the Press
• Distinguished invited guests, ladies and gentlemen
• All protocol observed, Goodmorning.

Let me start by firstly expressing gratitude to the committee of Ministers and the
technical committee that have been working tirelessly to close these
negotiations for the past 2 years.

As ZCCM-IH, we are more than elated at the finalisation of the negotiations

with our partners Vedanta, regarding Konkola Copper mines Plc in which we
have a 20.6% stake. As the Minister alluded to earlier, the legal battle between
ZCCM-IH and Vedanta was indeed a serious impediment to the development
of Konkola Copper Mines Plc.

As part of the resolution following this significant milestone for the benefit of the
Zambian people and the nation, all disputes between the parties have been
resolved and all proceedings relating to the disputes will be withdrawn.

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And so today marks a new dawn for KCM, and a renewed partnership with
Vedanta. Today marks the beginning of a mutual partnership that will be
based on professionalism, integrity, honesty and transparency.

As you maybe aware, KCM has over 250 million tonnes of copper ore reserves
that remain to be mined at Konkola Deep in Chililabombwe. Indeed it is a well-
known historical asset that has been waiting to be explored and mined.
Zambia and the world have been waiting a long time for this mine to be
properly developed.

We have no doubt that the return of Vedanta anchored on the set mutually
agreed terms and conditions of this renewed partnership, will revamp this
world-class asset. The transition for Vedanta to assume KCM operations will
take place within the next couple of months to allow for the finalization of all
required legal processes and documents such the Implementation
Agreement, including Creditors Scheme of Arrangement through the Courts of
Law and the Shareholders Agreement among others.

Additionally, our minority shareholder rights in KCM in the revised Shareholders

Agreement have been enhanced and strengthened. As such, ZCCM-IH will
play a proactive role in ensuring the development and sustainability of KCM as
a national strategic asset that will undoubtedly contribute towards the 3 million
metric tonnes of annual national copper production target set by
Government.

Distinguished invited guests, ladies and gentlemen

Let me end by once again thanking the ministers and the technical committee
for the key role they played in resolving the impasse.

Thank you all for your attention.