London-listed Vedanta Resources Plc today announced plans for Konkola Copper Mines (KCM) to accelerate development of its flagship Konkola Deep mine in Chililabombwe and establish a new refinery. This is part of the $1 billion investment previously announced by the Company’s Chairman.
Vedanta Resources Group Chief Executive Officer (CEO), Mr. Kuldip Kaura, made the announcement during a courtesy call on the Minister of Mines and Minerals Development Honourable Christopher Yaluma, MP, at his office in Lusaka. Mr. Kaura was accompanied by KCM CEO Mr. Steven Din.
As part of its $1 billion investment which is expected to create an additional 12,000 jobs, the Company will commit $100 million into primary development and equipment at the Konkola Deep Mine; $300 million for accelerated development and infrastructure at Konkola Mine, which includes a dry mine plan, and another $600 million to set up a new copper refinery at Nchanga in Chingola, a cobalt processing plant, a mine training academy at Konkola and a captive Power Plant.
Speaking in Lusaka, Mr. Kaura said: “the Vedanta Resources Group has a 50-year vision for mining and opportunities on the Copperbelt. We are firmly behind KCM’s medium-term target of raising total annual finished copper production to 400,000 tonnes per annum and we look forward to Zambia reclaiming its position as Africa’s number 1 copper producer.’’
Mr. Kaura noted that the investment will secure current employment at KCM and create new job opportunities; further underlining Vedanta’s commitment to the development of the country’s mining sector and the nation’s economy.
Hon. Yaluma welcomed Mr. Kaura and pledged Government’s continued support to Vedanta Resources Group’s investment in Zambia. He urged the Company to accelerate its next phase of investment.
“The Government’s vision is for Zambia to be the leader in copper production in Africa and so we welcome Vedanta’s KCM growth strategy and your continued investment. Our desire is to have sustained job creation and improvement of people’s welfare in the country,” Mr. Yaluma said.
Mr. Kaura is in Zambia on a 4-day visit of the Vedanta Group’s operations. He has been visiting KCM sites, inspecting operations and interacting with staff and other stakeholders.
A 50-year vision for mining and making Zambia Africa’s # 1 copper producer sounds great but it can only make sense if it brings tangible wealth for ordinary Zambians.
Let’s not be blinded by employment figures, the crux of the matter is that most of the profits from copper leave the country unaccounted for and end uo somewhere in off-shore accounts. The other worry is that we still cannot process our copper and the value is added elsewhere, to the benefit of others. Things have to change!
The Executioner’s song. Widow maker
Only a foool can trust the likes of Anil Agarwal…
Mbuzi izi, every thing has to be turned political. Why did God starve you of brains please.
Yes, one has to be cautious with such promises. Otherwise it’s very welcome news if at all it’s genuine.
According to Benjamin Disraeli, “There are three kinds of lies: lies, damned lies, and statistics.”
So this is beyond damned lies, it’s the cursing of our expectant and desperate people.
If this is true, Hazaluza Hagain!
Sharon you are thick as two short planks …you have no understanding of how corporate chess is played, only foooools will believe the likes of sly Anil Agarwal the Chairman who pulls the strings in the background. There are no guarantees of this selfsame investment ….they are making noise when the price is up to distract you whilst they rank in the profits!!
Chile just like Zambia is reliant on copper with about same population of 17m .So why are we so far behind Chile in per capita income and development?
Indecision has been the cause of our lagging behind Chile. Take time to read the Northern Rhodesia history of copper production performance, then 1964 to 1969, 1970 to 1984, 1985 to 1992. Finally the 1990s to present day.
Really laughable they know price of copper price has gone up and GRZ is sniffing about to increase tax…this is all sweet talk. You really think this Indian guy can employ you …more Indians will be employed!!
Where are you hiding upnd rats (cadres)?lets comment here!!
This kind of splendid news about mother Zambia annoys HH’s upnd because it pushes Kainde miles away from state house!!!!MUKOSE BA UPND BECAUSE 2021 IS FAR AND MANY POSITIVE THINGS COULD HAPPEN IN OUR ECONOMY TO GIVE PF A SOLID FOUNDATION FOR 2021 GENERAL ELECTIONS!!!
BRAVO KCM FOR GIVING ZAMBIANS ON THE COPPERBELT A NEW HOPE!!!just make sure these plans are fulfilled urgently!!!propherts(upnd) of doom will DANCE PELETE IN 2021 if KCM indeed creates 12 000 jobs before next elections!!SO MR.YALUME PLEASE ENSURE THAT KCM DOES THAT BEFORE WE VOTE IN 2021!!
NJIMBU BB 2017!!!
We Indians like to do business in Zambia.
You can always rely on us in times of crisis.
You can depend on us.
Let First Quantum, Barrick and Glencore step up and do the same!!!
Hehehehe njimbu the PF kaponya rat used to call UPND donkies now does not like being referred to as a PF kaponya rat…..it is you PF that are like rats, wanting to steal were you have not worked….
Shiva Desai
Stop talking shi.t…..tell me any country that Indians have ever helped ??? Even the resident Indians in zambia are the worst culprits at externalising profits while their store fronts and work force are left in a deplorable state….
@Spaka like lilo – You are so right simply go to Kamwala shopping area, you will never find a black man or woman behind a till even after serving these guys for donkey years!!
JJ
Even Chinese are better than Indians, at least you can see what they are building even though they are still having one over the black man………while the Indian will quietly live his parasitic life watching the black man and his country fall apart while he continues to suck quietly …….
NIBAKAWALALA aba don’t believe them. Or maybe we should blame our politicians who are watching while they are being robbed in broad daylight
“….and a captive Power Plant…”
What the hell is that ??
Ok thanks Google.. .
A captive power plant is a facility that is dedicated to providing a localised source of power to an energy user. These are typically industrial facilities or large offices. The plants may operate in grid parallel mode with the ability to export surplus power to the local electricity distribution network.
How many times have these guys made empty promises when contractors have gone without being paid for six months plus. Investors who like visiting GRZ leaders in most cases are corrupt. Let them address the plight of suppliers and contractors before making wild promises…these guys lie and lie everyday
Did i miss something, but to me this is part of a 50 YEAR plan
12000jobs over 50 years equals 240 jobs per year
Spread all his figures over 50 years and its not so impressive is it.
Wtf? These jokers!
Am also surprised at what these mining Giants are doing to zambia ,they are busy saying more about investment but on the grass roots workers are being fired and others are leaving in masses!!!
12000 jobs!! What a big fat lie !!!!
Fooling the perpetual fools, that is all there is.
The right term would be 1200 slaves. No one ever gets rich working for a salary in companies belonging to Indians. They make sure to give you just something to survive on to continue going for work.
May BE WE SHOULD BE COMPLAINING A LOT ABOUT THE ONE WHO BROUGHT THEM and SOLD THEM THE MINE FOR A SONG!!
Why are they not listed on the Lusaka Stock exchange? Thanks Spaka for the definition of captive power plants. Did you know that some of our mines had these plants and in our wisdom or lack of it we dismantled or destroyed them. Talk about short sidedness.
Iam sure Yaluma was treated to a good lunch and now feels all is well at KCM!
Yaluma nkhani.
Well, let those who believe in the lies of KCM/ Vedanta Management and the emptiness of a government which is currently running the affairs of the Zambian nation continue to be duped like this. KCM as Company in conjunction with Vedanta, its mother company have got no capacity to fulfill any of those promises. The problem is that, the KCM/ Vedanta management have taken advantage of the foolishness that prevails in the Zambian government and are therefore, free to give any false promises/ pronouncements. Have the government officials taken any interest to explore the sufferings of the KCM employees and the tough conditions of service they have been subjected to ? KCM has killed all the conditions of service for the employees and this is coupled with very poor salaries for the…
Its excellent to have such kind of investments in our country but what do they have for communities around the mines?And how true are these stories and when are they due for fulfilment? The government must check properly authentics of the message.
I wish we had a Government!