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Vedanta plans to boost Zambian copper mine output-2018 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
4/17/2018 有色金属展-Copper exhibition -non-ferrous metals expo |
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IANS reported that natural resources major Vedanta will invest around USD 700 million to boost production from the Konkola Copper Mines in Zambia, following the company''s previous injection of USD 300 million as part of the pledge made last year of USD 1 billion of fresh investments.
According to a Vedanta statement, these investment plans for its Zambian subsidiary were announced by Chairman Mr Anil Agarwal during a two-day visit to Zambia, where he also attended the India-Zambia Business forum held in Lusaka. Mr Agarwal said Vedanta is fully committed to supporting KCM''s plans to increase production to 400,000 metric tonnes per annum in the next few years.
The chairman told reporters on the sidelines of the business forum 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, poverty eradication and sustainable livelihoods.
A statement cited Mr Agarwal as saying that "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 USD 3 billion. Last year, I pledged to invest an extra USD 1 billion."
Referring to the decision by mining multinational Anglo American, in which Agarwal has become the biggest individual shareholder, to remain in South Africa, he said the country had become another attractive destination for foreign direct investment in view the business friendly disposition of its new President Cyril Ramaphosa.
Mr Agarwal said that "Anglo is very much a part of South Africa and they should be proud to remain there. 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 Ramaphosa''s election."
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