Konkola Copper Mines (KCM) is Zambia’s largest integrated copper producer. It is an asset with the potential to play a key role in the rejuvenation of Zambia’s economy, allowing the nation to reclaim its place as a world leader in copper production.
Vedanta, the world’s 6th largest globally diversified natural resources company, has operated for over a decade in Zambia and KCM was a world class integrated mining and metals company, underpinned by strong sustainable development practices.
Vedanta is committed to Zambia and gives its full support to the His Excellency, the President and government. With the election of a new President comes the start of a new chapter for the nation, and the mining industry is ready to pivot under the new forward-looking government.
The role of the copper industry in rebuilding Zambia’s economy will be crucial to the country’s future prosperity.
Vedanta remains committed to investing $1.5bn into KCM to restore its operations, support community projects, and offer job security to employees.
The Zambian state-owned ZCCM-IH holds a significant shareholding (20.6%) in KCM. ZCCM was in breach of the shareholder agreement and a provisional liquidator was appointed by the previous government; as a result, Vedanta Resources and ZCCM are currently in arbitration.
With the new government’s stated focus on driving out corruption and following the rule of law, Vedanta is keen to liaise with and partner the Zambian government and bring back the lost glory to KCM.
Vedanta Resources Limited is a globally diversified Natural Resources Company with interests in zinc-lead-silver, Iron ore, Steel, Copper, Aluminium, Power, Oil and Gas. Its dynamic portfolio follows a history of consistent geological discovery, technological advancement and sustainable development. With a business model focused on growth, expansion and value creation for our shareholders, positive impact on the community, we operate in and leave a legacy of pride. Operating responsibly and ethically is an integral part of Vedanta’s core values. We deliver on our commitments to all internal and external stakeholders by demonstrating these values through our actions, processes, systems and interactions. We constantly learn and develop; and endeavour to improve our operations. We are fully committed to working with integrity and have upheld ‘uncompromising business ethics’. While our business has expanded over the last 3 decades into many locations around the world, our operations have positively impacted the communities we operate in.