Friday, March 29, 2024

Vedanta Chairman upbeat on Zambia’s growth prospects

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Vedanta Resources PLC Chairman Mr Ail Agarwal meets Indian President and President Lungu at Business Forum in Lusaka08I0109
Vedanta Resources PLC Chairman Mr Ail Agarwal meets Indian President and President Lungu at Business Forum in Lusaka

Anil Agarwal, the Chairman of Vedanta Resources Plc, today outlined a Path to Growth for the Konkola Copper Mines (KCM), a Zambian subsidiary of the diversified global mining and resources company. The Chairman also expressed confidence in what he sees as the start of an African economic resurgence driven by various metals.

Mr Agarwal, who is on a two-day visit to Zambia, where he has attended the India-Zambia Business forum, said Vedanta was fully committed to supporting KCM’s plans to increase production to 400,000 metric tonnes per annum in the next few years. The growth will be driven by an injection of $700 million, following Vedanta’s previous injection of $300 million (comprising the $1 billion pledge of fresh investments made by Mr Agarwal in 2017)

Speaking on the sidelines of the Zambia-India Business forum, the Chairman said that KCM will construct a new cobalt refinery, a coal-fired power plant, a training school for upskilling local talent and continue to invest in local communities in the areas of education, health, sport and poverty eradication and sustainable livelihoods.

Mr Agarwal commented: “I was eager to come to Zambia almost 15 years ago at a time when KCM was facing a lot of challenges. We have now created a strong position for KCM after investing over $3 billion. Last year I pledged to invest an extra $1 billion. We are targeting strong growth for KCM in the years ahead.

Mr Agarwal said Zambia remains one of Africa’s preferred investment destinations and that further improvements to investment climate, stability in the tax regime and affordable power would attract still more foreign direct investment to the country. Zambia has an excellent pool of talent, which Vedanta and KCM will continue to nurture.

“Our desire is to have a win-win situation. The government must be happy the Zambian public must be happy and our communities must flourish. We will maintain a continued focus on safety and the environment to realise this. We need to be patient, and we would ask our labour unions to be patient too. We plan to redeploy all the money we make to ensure the growth of KCM,” he added.

The Chairman, who spoke on a wide range of mining issues, touted South Africa as another attractive destination for FDI, in view of President Cyril Ramaphosa’s business friendly disposition, and he pointed to Anglo American Plc’s commitment to remain in South Africa as a positive turnaround.

“Anglo is very much a part of South Africa and they should be proud to remain in South Africa. I am happy that they have changed their mind about selling all their assets in South Africa. All this, I am sure, is because investor confidence has picked up in the wake of President Cyril Ramaphosa’s election,” Mr Agarwal said.

Mr Agarwal has become the biggest individual shareholder in Anglo American after investing a part of his family’s wealth in the global mining firm.

The Chairman projected a strong performance for aluminum and zinc on global markets and for a steady price for copper.

Mr Agarwal concluded on the subject of south-south cooperation and investments, saying: “India will need a lot of resources from Africa and this will strengthen cultural and economic relations between, for instance, Zambia and India.”

31 COMMENTS

    • Mr President EL tell us your Background, Well, I was born in 1953 at Ndola central Hospital, Then i went to Mukuba secondary school.
      What a gap, Where is your Primary School, Or your Teachers, Or your Primary Class mates ?
      Where are your neighbours in Ndola, Your Childhood friends ?
      Where are your father`s work mates or associates, Where is your village ?

      Zambia wake up your are being ruled by a FRAUD. EL has lied to his employers and broken the constitution, He should resign and be arrested. PERIOD

      ARREST THIS FRADUSTER

    • Thats Lazy Bum Edgar for you…he thinks its a good idea to be in the same picture with that sly chap Anil because all Edgar cares about is the size of his brown envelopes…smiling foolishly through his gapped dental formula.

    • beautiful flowers. Continue your hard work for the country ECL. Everybody else is busy impeaching their stomachs

    • Meanwhile Lungu is happy to sell us out into poverty and cholera.Where was his smile when he visited Lusaka marketeers?

  1. ANIL AGARWAL …THIS IS THE GUY WHO MOCKED US OVER THE PRIVATIZATION OF KCM. THE PRIVATIZATION THAT LEFT EVEN SOME ZAMBIAN CHARACTER STINKINGLY RICH ..HUGE CUTS, HUGE CUTS, HUGE CUTS NOTHING ELSE. .. HOPE WE ARE NOT SLEEPING THIS TIME AROUND!!!!!!!!!!!!!!!!!!!

  2. 2 thieves helping to line each other’s pockets……lungu in charge of stealing and directing foreigners on how best to loot our wealth….

  3. [email protected] educate yourself don’t be a fool. if you don’t know someone’s red book or this is your life just shut up if we dig deep of you, you will be ashamed to find out that you are not a Zambian. leave this for now enjoy in whichever country you are

  4. We appreciate your visit and all the investment you have done in zambia u have impowered youths with employment..thumps up.but my question is what plans do u have for employees working at kcm to have access to other vendatta companies?

  5. The illiterate educated zambian thinks they did away with anglo american plc. U dont know the linkages of international business houses. Did u know the same kcm owner is the largest shareholder in anglo america plc. Cadres think mining is like digging koswe in the bush?

  6. I would rather do business with the Chinese or even imperial white people any day. Sorry but Indians some times are the worst racist vile scum of the earth. We need to be like North Africa or west Africa where they control their own corruption kikikiki.

    • And you emphasize that with pride …for you its a case of choosing between two devils as you have no pride in your own people…you think the Chines are your mates. Look at Botswana they have got a win-win deal something that we who is cursed with appalling corrupt leadership of Lazy Lungu & utter empty tins.

  7. We went from socialist black Nazis last week to Indian crooks this week. When is Zambia ever going to learn, we really do not need these offspring of racist ghandi. Do your historical research my fellow Africans before doing business with those that have a million gods.

  8. This guy is liar, where is the investment when KCM is failing to pay contractors. One of the contractors is pulling out their equipment from underground because they have not received a single payment since January…if there is race of liars, Indians number 1…Ubufi bapena

  9. The question now is.Is the money going to come to Zambia when they make profit?The answer is no.It’s bad to sell companies to foreigners. Kwacha will never appreciate.Unless the money come to Zambia.The money which come to Zambia is only for operation.Govt should have shares in these company if we want to strengthen our currency.it’s a disaster.

  10. A lazy bum tribal polygamist father gave birth to a tribal hooligan and bully who now is the chief bully of the tribal online wing of the tribal party party! He spends all his energy online doing nothing but spilling hate! What a loss! He projects his failures to other people and has damaged his tribal party more than he thinks he does good for Under Five.

  11. Lungu and fellow thieves smiling at the sweet prospect of robbing and decieving Zambian taxpayers and the real owners of the mineral resources.

  12. They conned us because we’ve had no capacity and a better plan at the time. They’ve got very rich, while we’ve sunk into poverty. However, we can’t cry over spilt milk. Let’s save what’s left. No more foreigners to be given mineral concessions. Let the minerals remain in the ground, if we can’t mine them through our own initiatives. Any agreements with foreign companies should be along the lines oil in the Middle East is extracted. We pay for services but keep our minerals for processing and manufacturing of end products.

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