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Vedanta Resources invest more at Konkola

Konkola Copper Mines (KCM) has announced intentions to set up a new copper smelter, cobalt refinery and other infrastructure.

The projects are to be financed through the $1 billion investment programme announced earlier this year.

In March Vedanta announced the $1 billion investment after a meeting between its Chairman Anil Agrawal and Zambian President Edgar Lungu.

“We are firmly behind KCM’s medium-term target of raising total annual finished copper production to 400,000 tonne per annum,” Kuldip Kaura Chief Executive Officer said.

Vedanta also aims to build a new copper refinery, at Nchanga, in Chingola, a cobalt processing plant and a training academy at Konkola and invest in de-watering the Konkola mine.

The company had previously predicted that the investment would create 7,000 jobs but has now raised the estimate to 12,000 jobs.

KCM produced 180,000 tonnes of finished copper in the last financial year ended March 31, compared with 182,000 tonnes the previous year, according to company data.

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