The following statement appears in Vedanta’s response to the SCIAF/Christian Aid/ACTSA campaign (you can download Vedanta's letter and the NGO's reply to Vedanta from a previous entry in this blog titled 'Vedanta responds...'): “The report implies that Vedanta is taking money away from Zambia, which would be factually incorrect. No substantial dividends have been paid out from KCM since Vedanta made its initial investment.”
While trying to understand better the ZCI-Vedanta share issue (see next post down titled 'Help clear my confusion...'), I came across this in the 2007 Annual Report for ZCI: “Although production levels at Konkola Copper Mines (“KCM”) remain below their targeted levels, KCM returned excellent results for the year, with a net profit figure of USD 301 million (2006: USD 114 million). The effect of the sustained strong international copper price continues to have an extremely positive influence on KCM’s performance. I am also delighted to announce that KCM declared an inaugural interim dividend during the 2006/2007 financial year of USD 5.74 million, of which ZCI received USD 1.6 million in November 2006. Indications are that KCM will shortly confirm the declaration of a final dividend in the same amount and we hope that this is a positive indication of what KCM’s shareholders may continue to expect in the new financial year.”
I guess it depends what you take ‘substantial’ to mean.
No comments:
Post a Comment