Vedanta restates commitment to give new lease of life to Konkola mines

Vedanta Resources Limited has reaffirmed its commitment and resolve to invest $1 billion in Konkola Copper Mines (KCM).

Vedanta Resources Director for Corporate Communications, Masuzyo Ndhlovu, said the firm had maintained its position to invest US$1billion in KCM development, pay US$250 million to all local creditors and increase salaries for employees by 20 percent.

Ndhlovu in a statement issued in Lusaka on Tuesday said Vedanta would stick to its promise to invest US$20 million into the local community through Corporate Social Responsibility (CSR) and make One-off K2,500 payment to all employees.

He said the return of Vedanta to run KCM meant continuity in the development of the Konkola Deep Mining Project (KDMP) whose development plans started in 2006.

“Vedanta commissioned Zambia’s first post-independent era mining shaft that is 1.5km long,” Ndhlovu said.

He said during the development stage, certain elements of the work were deferred notably the installation of the pump chamber at a depth of 1,390 meter level in shaft No.4 among others.

Ndhlovu said the national strategic asset was in a deteriorated state and production output had substantially reduced.

“Vedanta will endeavour to revamp KCM and at the moment Vedanta Resources and ZCCM Investment Holdings are working towards concluding revisions to the shareholders’ agreement and its Implementation,” he said.

Ndhlovu said this process may take three months before Vedanta Resources fully takes charge of the mine.

He said upon full completion of the works, the KDMP would be an asset with the potential to play a key role in the rejuvenation of Zambia’s economy, allowing the nation to reclaim its place as a world leader in copper production.

“This would make the mining company to contribute to the realization of three million metric tonnes annual production contribution as envisaged by the government in the next 10 years,” Ndhlovu said.

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