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Vedanta announces K1bn additional financing in KCM

VEDANTA Resources chairman Anil Argawal says he will invest an additional US$1 billion in Konkola Copper Mines.

Argawal said the investment would create 7,000 new jobs and ensure KCM increased its production to 400,000 metric tonne per annum.

He made the announcement after meeting President Edgar Lungu at State House on Friday where they discussed the outlook for the global mining industry and Vedanta’s investment in Konkola Copper Mines (KCM), one of Zambia’s largest integrated copper producers.

“Vedanta’s Chairman outlined his 50-year vision for mining in the Copperbelt and his plans for investing another $1billion for the next phase of growth. This investment is expected to create 7,000 jobs,” said KCM spokesperson Shapi Shachinda.

 

And during the meeting, Argawal told President Lungu that he wanted KCM to be the largest integrated copper producer in Africa, the pride of Zambia and Vedanta’s hub for copper and cobalt production in Africa.

“The ramp up of Konkola is the centrepiece of my 50-year vision for KCM. It’s technically very challenging because of the massive amount of water we have to pump out of the mine, but I’m determined to find technical solutions,” said Agarwal who was accompanied by Tom Albanese, chief executive officer of Vedanta Resources and his KCM counterpart Steven Din.

Vedanta Resources Plc. is a London listed diversified resource and mining company with 79.4 per cent shares of Konkola Copper Mines Plc, which operates underground and open pit mines as well as metallurgical plants at Nchanga, Konkola, Nkana and Nampundwe.

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