Business

Vedanta boosts KCM with $100m investment

KALONDE NYATI, London
Vedanta Resources Plc has from December to date invested over  US$100 million into its subsidiary, Konkola Copper Mines (KCM) to improve mining operations.


Vedanta Resources Plc chief executive officer Tom Albanese also says the move towards electric vehicles, which hold significant potential for increasing energy security, reducing carbon emissions, and improving local air quality, will increase global demand for copper and boost the price of the commodity, which is Zambia’s top export earner.
In an interview, Mr Albanese said the company, which has since 2004 invested over US$3billion, has continued to upgrade and expand KCM assets, injecting over US$100 million from December to date.
“To reinforce our commitment, just in the past few months, since December, Vedanta has put in well over US$100 million for improving business,” he said.
Mr Albanese said the company, which plans to quadruple production to 400,000 tonnes, is currently working with consulting engineers to review its technology to achieve the targeted production capacity.
“There are challenges to extracting ore from these depths; most pressing is the quantity of water. Every day, we extract 350 million litres of water from the underground mine.
“We want to dig deeper, specifically at the Konkola Deep underground mine, which ranks among the world’s top 20 in terms of grade – digging deep will be a game changer for KCM,” he said.
He said the company will continue to grow its business and contribute to the Zambian economy.
On global demand for copper, Mr Albanese said more copper is expected to be used in the automobiles, thus increasing the demand.

 

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