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Article

16 May 2014

Author:
Lusaka Times

Vedanta responds to Youtube Video about their Chairman, video used out of context

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...Mr. Anil Agarwal, recently addressed businesspeople in India...In an anecdote, he referred to Vedanta’s 2004 acquisition of KCM...Unfortunately, one activist has taken a small part of the video of this speech and used it negatively out of context...Mr. Agarwal decided not to mention that since the acquisition, nearly all the returns from KCM have been reinvested back into KCM, as it simply wasn’t relevant to his anecdote. In fact, over nine years of ownership by Vedanta Resources, KCM has made $2.9 billion of capital investment and made just $73 million in dividend payments – a fifth of which is to the Zambian government...We are now Zambia’s largest employer and second biggest taxpayer. “We are very thankful to the local communities, and...to the government...and we remain fully committed to KCM and to helping the Zambian people and the Zambian nation develop and grow its natural resources.”