KCM in US$1 billion investment boost

Sat, 25 Mar 2017 09:32:19 +0000

VENDANTA Resources Plc has made an additional investment of US$1 billion aimed at expanding production and creating up to 7 000 jobs at Konkola Copper Mines (KCM).

Special assistant to the President for press and public relations, Amos Chanda, disclosed the development to Journalists at State House yesterday shortly after President Edgar Lungu’s closed door meeting with Vendanta Resources Plc Chairman Anil Agarwal.

Mr Chanda said the investment would raise the production of copper at KCM and also create 7000 jobs for the local people living around the area.

 “The President had a productive meeting with Vendanta who are the owners of KCM and the Chairman announced the additional investment to KCM of 1 billion US dollars beginning now and going forward.

“The Chairman also said that the investment will raise production at KCM and create about 7000 jobs as a result of this investment which is concentrated around the mine in Chililabombwe,” Mr Chanda said.

He said KCM also announced that it would  build its own power plant to alleviate the challenge of power shortage that the mine was experiencing.

And Mr Chanda has revealed that the mining company pledged to support Government’s diversification program.

He said KCM assured President Lungu that the mining giant would also invest in other sectors such as agriculture, environment and technology.

“In addition to the announcement of 1 billion US dollar investment to KCM, there will also be interventions in agriculture, technology and environment. The chairman made emphasis that the protection of the environment was a core component of KCM,” he said.

Mr Chanda said the President also assured Vendanta of a stable economic environment under which companies could operate.

He said President Lungu observed that political stability was what enhanced business community and therefore, he encouraged them to invest in corporate governance.

And KCM public relations and communications manager Shapi Shachinda said Vendanta and KCM was committed to investing in Zambia.

Mr Shachinda said KCM’s vision was to assist Zambia boost its economy and improve the welfare of Zambians.

“We have a 50 year vision and this vision is anchored on raising production and ensuring that we take KCM to the next level of production. We are going to ensure that whatever we do assists the economy of Zambia and benefits Zambians.

“This is why the chairman came all the way from India just to come and make this commitment. We have already invested 4 billion US dollars in Zambia starting from 2004 when Vendanta took over KCM, so this 1 billion US dollars is an addition to expand the mines,” Mr Shachinda said.