KCM TARGETS 400,000 TON COPPER PRODUCTION
THE business community in Chingola district has welcomed Konkola Copper Mine (KCM)'s plans to increase copper production from the 150,000 tonnes to 400, 000 tonnes per annum.
According to a survey carried out on various business entities in the district by the Daily Nation, most of the respondents indicated that the increased investment by KCM would enhance economic activities in the mining town.
Most of the respondents explained that the increase in copper production by the mining giant would obviously lead to increased job opportunities for the locals.
They pointed out that the increased job opportunities would in turn lead to an empowered and increased clientele for most businesses in Chingola and other districts.
The respondents reiterated that economic activities in mining towns were highly dependent on the performance of the mines as they were the major employers in these areas.
They indicated that even other contractual businesses were dependent on the performance of the mine, adding that mines engaged alot of contractors, with improved production and performance.
The business community was roundly optimistic that that the economic status of the mining town would change once KCM had reached its planed copper production growth target of 400,000 tonnes per year.
"Yes, the economic status of this town will change once KCM reaches that level of production. Obviously they have to employ more people, which means that more of our people here will be empowered and increase their purchasing power," the respondents indicated.
Meanwhile, KCM intends to increase copper production across all its operations from the current 150,000 tonnes to 400, 000 tonnes per year.
The company indicated that it wanted to take advantage of the improved copper prices on the London Metal Exchange with a tonne of the commodity fetching at over US$ 6, 700.
The improvements also follow the announcement by Vedanta Resources Plc that it has invested over US$1 Billion into its subsidiary, KCM to improve mining operations.