KCM lines up growth plan
KONKOLA Copper Mines (KCM) will accelerate development of its flagship Konkola Deep Mine in Chililabombwe and establish a new refinery, Vedanta Resources Group chief executive officer, Kuldip Kaura has announced.
Mr Kaura said that this was part of the $1 billion investment previously announced by the company’s chairman.
He said this when he paid a courtesy call on the Minister of Mines and Mineral Development, Christopher Yaluma at his office in Lusaka yesterday.
Mr. Kaura, who was accompanied by KCM CEO, Steven Din, assured the minister that the $1bn investment was expected to create an additional 12, 000 jobs.
He said that the company would commit $100 million into primary development and equipment at the Konkola Deep Mine and $300 million for accelerated infrastructure development at Konkola Mine, which includes a dry mine plan.
Mr Kaura explained that another $600m would be used to set up a new copper refinery at Nchanga in Chingola, a cobalt processing plant, a mine training academy at Konkola and a captive Power Plant.
“$1bn investment is expected to create an additional 12,000 jobs, the company will commit $100 million into primary development and equipment at the Konkola Deep Mine; $300m for accelerated development and infrastructure at Konkola Mine, which includes a dry mine plan; and another $600m to set up a new copper refinery at Nchanga in Chingola, a cobalt processing plant, a mine training academy at Konkola and a captive Power Plant,” he said.
Mr Kaura said the Vedanta Resources Group had a five4-ear vision for mining and opportunities on the Copperbelt.
He assured that the company was firmly behind KCM’s medium term target of raising total annual finished copper production to 400,000 tons per annum and looked forward to Zambia reclaiming its position as Africa’s number 1 copper producer.’
Mr. Kaura said that the investment would secure current employment at KCM and create new job opportunities.
Meanwhile, Mr Yaluma welcomed Mr Kaura and pledged Government’s continued support to Vedanta Resources Group’s investment in Zambia.
He urged the Company to accelerate its next phase of investment.