Vedanta ready to reopen dialogue,commits to reinvesting US $1.5bn in Zambia

VEDANTA Resources Limited has committed to reinvesting US $1.5 billion (about K24 billion) in Konkola Copper Mines (KCM).

In its latest statement dated September 1, 2021, Vedanta said the reinvestment would go towards operations and supporting community projects, among others.

“Vedanta Resources remains committed to re-investing $1.5bn into KCM, supporting the community projects & local suppliers. This investment will go into continuing to operate the integrated asset, leading to a significant improvement in business and stability in jobs for employees which will positively impact the lives of many Zambians,” Vedanta said in part. “This will aid in rejuvenating the country’s economy and will place Zambia firmly on the map as one of the world’s leading suppliers of copper, a critical mineral for the green economy of the future of our planet. It will be primarily used to restore KCM by upgrading and improving its current infrastructure and design in order to create a more efficiently run integrated mine that operates to its full potential.”

Vedanta added that the amount would also help pay suppliers of various products and services to the mine.

“The investment of $1.5bn in the operations at KCM will include $200m to pay the local suppliers of the mine in addition to the significant sums of $400m to bring in best in class ESG practices to improve health, safety and working conditions for employees as well as the allocation of $100m for community projects,” read the statement. “Vedanta remains strongly committed to KCM, its operations and employees, local communities and the Government of Zambia, just as it has been over the past fifteen years.”

And Vedanta Group chief executive officer Sunil Duggal described KCM as a very important asset.

“KCM remains a very important asset to Vedanta and Zambia and the company is committed to ensuring the success of its operations for the benefit of its employees and surrounding communities, as well as contributing to delivering better lives for all Zambians,” said Duggal. “As Zambia embarks on an exciting new chapter in its history under the leadership of His Excellency Hakainde Hichilema, President of Zambia, Vedanta is keen to open a dialogue with ZCCM as we today reiterate our commitment to invest $1.5 billion into the operations, communities

and local economies around KCM. Vedanta is committed to making KCM and Zambia world leaders in copper production once again and we look forward to working with the community in the Copperbelt and collaborating with the new government in any way necessary to ensure that a stable and beneficial future is achieved for all stakeholders at KCM.”