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Today Date : Tuesday, April 16, 2024

Vedanta reinstatedforZambiancopper asset,KCM

Vedanta reinstatedforZambiancopper asset,KCM

Vedanta Resources Ltd (“Vedanta”) announced that theownership and management of Konkola Copper Mines (“KCM”) has been returned to the companyfollowinga historicdecisionby theGovernmentofRepublicof Zambia.

On the reinstatement of Vedanta to run KCM, Mr. Paul Kabuswe, Hon’ble Minister of Mines andMinerals Development, said “Vedanta will return to run and resuscitate the operations of KCM as themajorityshareholders.”

Chairman, Vedanta Resources, Mr. Anil Agarwal said, “I welcome the decision of the Government ofRepublicofZambiatoreinstateVedantaatKCM.WehavebeencommittedtoKCMsince2004andbelievethat it is a prized asset in our portfolio. I wish to express my sincere gratitudeto His Excellency President Hakainde Hichilema for his proactive and progressive leadership and puttingZambia’s interestsfirst”.

An Indian-owned and operated asset in copper-rich Zambia is important in the context of secure supply chains. The technology used to do deep underground mining at KCM can be deployed in India to mine copper on a large scale in India. With this, Vedanta will now be optimally positioned to deliver into these needs for the country in a fully integrated manner combining KCM’s world class upstream production with the downstream operations in India.