Vedanta Resources Chairman meets President Lungu, pledges $1 billion investment into KCM’s next phase

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President Edgar Lungu (right) listens to Vedanta Resources PLC Chairman Anil Agarwal (left) who paid a courtesy call on him at State House on Friday.
President Edgar Lungu (right) listens to Vedanta Resources PLC Chairman Anil Agarwal (left) who paid a courtesy call on him at State House on Friday.

President Edgar Lungu, met today with Vedanta Resources Chairman, Anil Agrawal. The meeting took place at State House in Lusaka. President Lungu and the Vedanta Chairman Resources discussed the outlook for the global mining industry and Vedanta’s investment in Konkola Copper Mines plc (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 $1 billion for the next phase of growth. This investment is expected to create 7,000 jobs. He said, ‘’I want 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 centerpiece 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,” Mr Agarwal said.

Vedanta’s Chairman announced his commitment to further help diversify the economy of the Copperbelt by supporting initiatives in agriculture and technology. KCM currently supports 2,700 families and small scale farmers through its Sustainable Livelihoods programme.

Vedanta’s Chairman was accompanied by Tom Albanese, CEO of Vedanta Resources and Steven Din, CEO of KCM.

Vedanta Resources plc is a London listed diversified resource and mining company which owns 79.4% share of Konkola Copper Mines plc, which operates underground mines and open pit mines as well as metallurgical plants at Nchanga, Konkola, Nkana and Nampundwe.

President Edgar Lungu welcomes Vedanta Resources PLC Chairman Anil Agarwal who paid a courtesy call on him at State House on Friday.
President Edgar Lungu welcomes Vedanta Resources PLC Chairman Anil Agarwal who paid a courtesy call on him at State House on Friday.
President Edgar Lungu (behind) poses for the picture with vedanta resources team after having a meeting at state house today . Picture by SUNDAY BWALYA /. ZANIS
President Edgar Lungu (behind) poses for the picture with vedanta resources team after having a meeting at state house today . Picture by SUNDAY BWALYA /. ZANIS
President Edgar Lungu (left) with Vedanta Resources PLC Chairman Anil Agarwal after a photo session at State House on Friday.
President Edgar Lungu (left) with Vedanta Resources PLC Chairman Anil Agarwal after a photo session at State House on Friday.
President Edgar Lungu (left) with Vedanta Resources PLC Chairman Anil Agarwal after a photo session at State House on Friday.
President Edgar Lungu (left) with Vedanta Resources PLC Chairman Anil Agarwal after a photo session at State House on Friday.

51 COMMENTS

  1. HE Lungu, pay attention. You are talking to a crook. Don’t shut your eyes, don’t start drinking beer or smocking at the meeting. That’s the same Agawal who boasted about the Id!ocy of your predecessors. That one billion, when is coming, what are the timelines we are talking about here?

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    • Lazy has no principles, no morals, no vision just a stinking crook himself..he would sell his own children, its disgusting looking at those pictures.

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    • Yea! How about starting by paying the small millions you owe now!
      Sometimes you miss sata for his frank talk and ability to challenge liars being a liar himself!

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    • Lungu is doing the right thing mingling with people that will invest such sums.

      Thanks

      BB2014,16

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    • “Foool me once, shame on you; foool me twice, shame on me” what’s wrong with these empty tins we elect they are like impalas and Zebras wanting drink at a section of the river that is infested with crocs, they have seen friends taken but they still go to drink there!!

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    • We voters get lied to by politicians while the politicians get lied to by investors. at the end of day Investors lie to voters.
      Please repossess this mine and give it to a Zambian owned comapny e.g give it to CEC. At least money will remain in zambia. Iam happy to see a rich zambian than a foreiger.

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    • Very stupid, look at this crook, he even has his hands in the pockets, undermining African leadership. We should get back our mines this Indian is a thief. Also Lungu has time to entertain such people..

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  2. meanwhile they are not paying billions and billions of tax because they have induced lungu and his thugs a few million dollars here and there for them to avoid paying taxes. The only ones to suffer are zambians. 1 billion is just a small amount compared to the amount these chaps are making using our resources. Wake up zambians and let us hold these thieves accountable. Lungu is an illegal president who stole client money and does not care of you or your poor families.

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  3. Our leaders are really stupid especially thos lazy canister Edgar…this is the Indian chap who was bragging about meeting President Mwanawasa and paying for that mine from proceeds he obtained from selling the copper he digout and sold on the market. Today you welcome this filthy thing back again in State House like a king…

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  4. The Indian crook is pledging a billion dollars in investments but refused or failed to pay $100million to ZCCM as ordered by the London court and opted to in small installments…this lazy foool is there smiling at him and welcoming him.

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  5. ECL must not just listen to this cro0k called Agarwal.this indian is crooked as he has destroyed life for miners in chingola and chililabombwe.my team Konkola Blades FC is finished simply because of this same crook.all he told president Edgar Lungu today are lies as he is a greedy rich man just like HH.the best Govnt can do is to grab KCM from this crook and sale it to a serious investor especially to a White man and not to an indian!!

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  6. please people of zambia lisen to me these r all thives they r stealing big from our country please lisen

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  7. Ba Lungu be careful with that man , he bragged how he got the mines on nothing today he has come back with new schemes to steal more from our nation.
    That is the reason why Africans haven’t progressed from poverty to rich nations , because they trust anything that comes in another shade.
    To you Mr Lungu kindly spare us the abuse from crooks .

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  8. The government of PF is doing a good job. I salute president lungu. The only thing am not happy about is that lungu has not recognised gay rights. The majority of us PF members support gay rights. My partner Jupe from sweden cannot freely be with me in zambia because of the outdated anti-gay laws. I do not want to move to sweden and my partner also wants to settle in zambia as we would have a better life here. Please look into this so that my handsome jupe can be with me till death do us apart.

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    • HEAVEN IS REAL, HELL FIRE IS ALSO REAL. IT IS EASY TO TALK ANOUT GAY RIGHTS WHEN THE BREATH OF GOD IS STILL WITH YOU BUT WHEN YOU BREATH YOUR LAST, IT IS UNTOLD TERROR AND ANGUISH ! ETERNAL PAIN AND ANGUISH WHILE GNASHING YOUR TEETH IN ETERNAL BRIMESTONE FIRE.

      CALL ON THE NAME OF THE LORD AND BE SAVED WHILE IT IS STILL DAY !

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    • Iwe chi ndanje ufuno nyonga mb0l0 ya lungu. Uzadwala

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    • Please don’t pay attention to the f0ol at no.8 He /she did the same on Tumfweko and forced me to stop contributing. This is a Upnd cadre ploy.By the way I am not a member of PF or any party.

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  9. Why should these people be talking to EL instead of talking to the experts in the mining business. This is where we always get it wrong. The president has no business in engaging in business deals with such people. He has people he has appointed to do that for him and they should advise him whether the proposed business ventures would be good for the Zambian economy and for the good of the Zambian people. sometimes I wonder why we have technocrats in this country, and also why we have ministers who are supposed to advise the president. This country cannot move in transformative and sustainable development with this kind of leadership and attitude.

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  10. Is he the same chap who was laughing at the stup!d govt for selling him a multibillion dollar mine for a song?

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  11. “Fool me once, shame on you; fool me twice, shame on me” what’s wrong with these empty tins we elect they are like impalas and Zebras wanting drink at a section of the river that is infested with crocs, they have seen friends taken but they still go to drink there!!

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  12. That should not be a carrot for not paying tax. That investment should not be attached to any future tax payments it should be treated as an independent entity.

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  13. @Jay and all other Chronic losers, Hazaluza Hagain! Mr. President keep pointing where you are working!

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  14. Our retail market is owned by Shoprite,our minerals by Vedanta resources ,our airline market is owned by SAA and Kenya Airways,our tomatoes are imported ,our roads built by Chinese and our leaders go abroad for medical care.

    Is there anything we Zambians are good at apart from yapping nonsense,politicking ,drinking chibuku and watching EPL?

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  15. If this guy had $1 billion dollars to spare , i dont think he could waste his time in Konkola and our entire president is being taken for a ride. Why believe such lies? Is he richer than zambia? Come on guys , lets control our destiny with dignity plizzzzz……..

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  16. The pledge means nothing. These guys only mention such figures to frighten people like Lungu who has no idea about how international capital works. Vedanta is a crooked firm. The money being pledged will not see any light of day in Zambia. The company IS NOT a mining company. It has outsourced all activities to other firms who come into Zambia do their bit, get paid, and Vedanta sells the produced copper as its own. This model of mining does not make Zambia become a better country by having its own expertise get developed and created. The Zambia jobs the thug is talking about are only in supporting low skills area where pay and benefits are like rats’ droppings! Only Lungu can entertain such rubbish because he has no clue on anything smart for Zambia. If I were Lungu, I would have told…

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  17. This Agarwal is the same guy who boasted of making more than $500million dollers for mine he bought for a song $25million. How gullible can we be? The $1billion he is talking about is our money which came right from KCM.In short he is saying look visionless one, I bought this mine and I can buy you too since you like a quick back while your people will continue to get peanuts and wallow in poverty and misery for another 50 years. This leader is a disaster indeed, since when did this crook from India do straight business? In the UK he is always fighting battles in court because of his crookedness. Find an alternative investor for KCM and not this nitwit.

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    • He never bought that mine with $25 million of his own cash…he delayed paying that figure until the mine started producing then paid. Today we are welcoming this rat like a lost child …if i were President i would not even let a minister see him til debts are paid. Talking of ministers there is the fooolish mines minister who chasing debts from this company two months ago.

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  18. To be a begger in your own nation is so shameful. Agarwal really behaved as a Don with his hands in his pockets throughout

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  19. Reminds me of how Chiluba used to host crooked investors at state house so that he gets cuts. When genuine investors (Kafue consortium) come through normal channels, they could be sure to get nothing. Only crooks who go to him at state house. That is how he sold the mines. The Chakolwa is doing the same. What business do investors have to do at state house? Its all crookedness.

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  20. Interesting and funny.So we ACTUALLY have OTHER MINERALS like COBALT that the investors mine and sale.I thought it was a state secret.What about the GOLD,MANGANESE, URANIUM that the investors take out?How childish we are.At least Agarwal is honest.Can the Ministry of mines tell the nation which minerals are actually taken out of the mines and then sold.The BOZ can then tell us how much each metal fetches and how much we the Zambian beggars, get from the left-overs?You see WE do do not own these minerals.They belong to the investors .Simple.

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  21. “A picture speaks a thousand words” so goes the saying.
    The body language in these pictures of this Vedanta Resources Chairman, Anil Agrawal, portrays he is senior to all around him. It’s like he is on a Plant tour and meeting some of his senior workers.

    He is exploiting Lungu’s lack of presence. Embarrassing.

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  22. This old fool is back with his rhetoric again..Wish sata was around, this mftker wouldn’t have stepped his foot in zed again..A billion dollar ? investment huh..??? When you have failed to pay contractors and suppliers etc.. Machinery is completely obsolete at all kcm plants let alone this indians haven’t effected any payrise for kcm employees for the last 5 years.. Pliz Ecl tell that hypocrite to go to hell..we don’t need his investment here in Zambia

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  23. Please don’t accept his billions. He needs to take his business model of non tax paying, stockpiling poor wages to locals back to his home. We want our mines back.

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  24. Chakolwa alya again!!
    More money in his pockets.
    He will ensure Vendatta don’t pay what is due to Zedians, while they put ka U$D Ten Million in his Offshore account.

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  25. Vedanta
    Vedanta – registered in London with a
    head office in Mumbai, India – manages three copper mines in Zambia, notably Konkola Copper Mines, Zambia’s largest and one of the largest high-grade copper ore-bodies in the world.21 Vedanta, and specifically the Konkola operation, has long been the target of international campaigns over the company’s environmental and labour impacts, and the generous tax terms under which it operates. In 2014, protesters at the Zambian High Commission in London called on Vedanta to pay a fine of $2 million served by the Zambian courts in compensation to people poisoned by water pollution near the Konkola mine.At the same time, 400 non-unionised Konkola workers protested against their unfair pay and lack of contracts at labour offices in Kitwe, Zambia…

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