Category: Mining in Zambia

Vedanta Resources Holdings Limited has successfully disbursed over $245 million from its escrow account to Konkola Copper Mines (KCM) bank accounts in Zambia. Masuzyo Ndhlovu, Vedanta’s Director of Corporate Communications, stated that the funding was sourced internally within the Vedanta group. He emphasized that the disbursement to creditors and employees is a crucial step in KCM’s transformational journey, showcasing Vedanta’s commitment to the mine’s resurgence and proposed growth trajectory. KCM Chief Operating Officer Malcolm Mewett added that the release of funds by Vedanta reaffirms the company’s dedication to Zambia and… Read More Here

Vedanta Resources Holdings Limited has reinstated the Board of Directors for Konkola Copper Mines (KCM), marking the return of full management control to Vedanta. This step is essential for ramping up production and unlocking KCM’s full potential. Chris Griffith, Chief Executive Officer of Vedanta Base Metals, expressed confidence in the newly reinstated board, stating that it consists of a team of highly skilled and experienced professionals. He believes the board will provide strong leadership and guidance to help drive the company’s success, aligning with the Zambian government’s vision of positioning… Read More Here

Beginning with the municipal and city councils in the Copperbelt, Konkola Copper Mines (KCM) has started to pay its creditors following the company’s successful avoidance of liquidation by Vedanta Resources. On July 26, a High Court Judge issued an ex parte order to halt the winding-up petition against KCM and reinstated the Board of Directors. To date, Chingola Municipal Council has received over K26 million, Chililabombwe has received K8 million, and Kitwe City Council has received K14 million. KCM’s Chief Financial Officer, Manish Saxena, expressed gratitude to the creditors for… Read More Here

Prospect Resources has firmly positioned itself as a leading player in the mining sector, particularly noted for its transformative work on the Arcadia Lithium Mine Project in Zimbabwe. The company’s journey from initial discovery to the successful sale of its 87% interest in Arcadia for approximately US$378 million in April 2022 underscores its expertise and strategic vision. The Arcadia project saw significant progress through various stages, including resource definition, early-stage technical and economic evaluations, a definitive feasibility study, offtake agreements, pilot plant operation, and strategic project financing. This comprehensive approach… Read More Here

Aim-listed Tertiary Minerals has identified a significant copper-in-soil anomaly at its Mupala project in Zambia. The company announced on July 29 that field analytical results from a recent soil sampling program confirmed the prospectivity of the license, supplementing historical data and its proximity to other copper prospects. Tertiary Chairperson Patrick Cheetham noted that while more work is needed to determine the significance of this soil anomaly, it marks a promising start to exploration at Mupala. The Mupala project is located on the west side of the Kabompo Dome in Zambia’s… Read More Here

ZCCM Investments Holdings Plc (ZCCM-IH) has handed over a K146 million dividend cheque to its majority shareholder, the Industrial Development Corporation (IDC), for the 2023 financial year. ZCCM-IH CEO, Dr Ndoba J.Vibetti handed over the dividend cheque to IDC CEO Mr Cornwell Muleya, earlier today. Some key highlights from Dr. Vibetti’s remarks during the handover ceremony: • Dividend Consistency: This marks the 9th consecutive year that ZCCM-IH has paid a dividend to the IDC. Last year, a record dividend of K436 million was paid for the financial year 2021 and 2022.… Read More Here