Indian mining giant reaffirms commitment to operations in Zambia

Konkola Copper Mines (KCM) Plc has reaffirmed its commitment to its operations in Zambia despite challenges facing the mining industry, a statement released on Thursday said.


KCM, a unit of India’s Vedanta Resources Plc, which is listed on the London Stock Exchange, said in a statement celebrating 11 years of its existence in Zambia that it is committed towards Zambia’s development agenda despite the current challenges.


Steven Din, the company’s chief executive officer, said the company’s investment in its operations in Zambia amounting to 3 billion U.S. dollars over the last 11 years is a clear demonstration of its commitment.

The mining giant, he said, has a 50 year vision for its operations in Zambia, adding that the company wishes to remain in operation for a long time through enhanced sustainable operations of its mines.

The company has since embarked on a mission to examine local economic development opportunities aimed at building up the economic capacity of communities around its operations to improve their future and quality of life through its community social responsibility program.

The company has so far spent over 160 million dollars under its community social responsibility program.
“KCM is working a 50-year vision but this vision depends on the Copperbelt realizing its potential as an economic hub. Mining alone will not achieve this. Agriculture, tourism, logistics, services and trade will all need to make a contribution,” he said.

Vedanta Resources Plc owns 79.4 percent of the mine while the Zambian government, through the Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH), holds 20.6 percent.
The company employs about 16,000 people.

Some mining firms have threatened to halt their operations in Zambia following challenges facing the mining sector such as low copper prices and a power deficit. Enditem

Source: Xinhua

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