KCM Majority Stakeholder, Vedanta Resources, Confirms Funding for Renewed Mining Operations

Vedanta Resources, a mining conglomerate based in India and the UK, has expressed its commitment to a $1 billion investment into Konkola Copper Mines (KCM). Such an investment would be funneled towards capital mine development, expansion, infrastructure upgrades, and other production-boosting initiatives.

The mining company’s announcement comes following concerns circulating of its financial health. Masuzyo Ndhlovu, Corporate Communications Director of Vedanta Zambia, said the company was financially sound, possessing a diversified portfolio spanning four continents.  

Ndhlovu reassured stakeholders that Vedanta was committed to its work at KCM, particularly in contributing to the livelihoods of the region’s inhabitants. In an interview with Phoenix News, he highlighted the company’s impactful corporate social responsibility programmes.

Vedanta Resources has had a controlling stake over KCM since 2004, with the Zambian government retaining minority control.

Photo via Financial Times