Delivering a key note speech at the Zambia Mining Investment Conference held in London today, Mr Albanese also said that nations which forge industrial strategies aimed at diversifying their economies and building domestic and cross-border value chains to serve national and regional consumers will flourish in the current subdued global metals market.
“I expect Zambia to fall into this category,” Mr Albanese told delegates.
The KCM Chairman said that Zambia has world class deposits and almost 100 years of copper mining history.
“It is this unique knowledge of the copper industry that draws miners from across the world and underpins the compact in the sector. This compact forms the basis for the creation of shared value in Zambia,” Mr Albanese noted.
While highlighting Vedanta’s 50-year vision for mining in the Copperbelt, Mr Albanese noted that the focus would be on ramping up KCM’s flagship Konkola Deep Mine, as well as working more closely with local communities to help diversify the economy by supporting initiatives in agriculture and technology.
Mr Albanese reiterated that Vedanta and KCM’s objective is to increase production levels to 400,000 tons of copper each year, which would quadruple KCM’s production over the next three to seven years. KCM is currently working with engineering consultants to review some of the technologies it can employ to boost production.
More than $3 billion has been invested in KCM on mine expansions and upgrades, which include the Nchanga copper smelter, three concentrators and a Tailings Leach plant. In March, Vedanta announced plans to invest an additional $1 billion dollars.
‘’We want to mine deeper, specifically at the Konkola deep underground mine. This ranks among the world’s top 20 in terms of grade, with a delineated volume of around 300 million tonnes of ore. While our shaft is 1,500 metres deep, our deepest production level today is at 950m. Our target is to reach a level of development at 1,100m,’’ Mr Albanese said of the next phase of investment into KCM.
‘’We want to see Zambia’s copper industry flourish, of course, but we also want to see the creation of new enterprises and industries around these mining facilities that will provide better local sourcing options for our business and greater stability for communities in the Copperbelt,’’ Mr Albanese concluded.
To hell ,anyway who benefits from that Data?A poor Zambian can’t even afford a decent meal but copper is passing through his nose.
I think I know Tom, I worked with a guy who goes by the same names at Rio Tinto. I was then based in Uzbekistan running a new project and he was the CEO based in Sydney. He was fired or rather forced out for gross incompetence, now he is Chairman at Konkola ?
Same man
Lies in the morning, afternoon, evening & Night! St***p Id**iot!
They call this neocolonialism. And if you think charlatans who have never concluded any sizeable transaction like Lungu, Nawakwi, Mutati etc can represent you in any deal for the sale of your assets, then continue sleeping ?. Hate or love HH, this is his forte and we need him, not these Dununa reverse and down baboons.
@5 i believe you or actually all should Google tom albanese kcm then read article tom albanese blood on your hands. Then you might understand what might happen in zambia
PLEASE GOOGLE AND READ
That doesn’t change the fact that majority Zambians will still remain suffering!
GRZ needs to work on a mechanism where the us$3billion KCM claimed to have been invested is spent in Zambia. all the international companies that supply equipment & services to the Zambia copper mines must be compelled to have a local office in Zambia. And the copper industry must be made to pay for the equipment thru the local branch. that way some of the capital expenditure the US$BILLIONS that Copper mines claim to have been invested is actually spent here thru local branches.
Otherwise us$billions invested are spent elsewhere and all we receive is equipment trucked thru our roads – damange our roads for nothing.
We complain ,complain ,criticize and critisize .These guys see opportunities .Let them enjoy till we wake from sleep and realise that we are actually sitting on wealth . That is what we are.talking ,talking next is insulting one anather and blame other people for our failures ..May God help Zambia.