Message Lun 24 Aoû 2015 07:07

KCM keen on extending life

THE Vedanta Resources Plc has injected US$3 billion in Konkola Copper Mines (KCM) to extend its mining operations in Zambia from 10 years to over 30 years.
KCM chairman Tom Albanese said in a statement released by the company’s public relations and communications manager Shapi Shacinda in Kitwe on Friday, that Vedanta Resources remains positive over the potential of the country’s mining giant.
Mr Albanese said Vedanta Resources is working closely with Government to seek win-win solutions to financial and operational challenges KCM has been facing.
He said Vedanta Resources, subsidiaries that include KCM, would continue to focus on hiring local staff rather than expatriates as a way of helping to improve local skills.
“We came to Zambia and the mines had a life of 8 years. We have not taken out as much as we have put in. We will prioritise skills that are needed in mining and we will prioritise roles that we need,” Mr Albanese said.
He said Vedanta will also continue to promote transparency in the mining industry in a bid to remove a perception that the industry was opaque in its operations.
“We have seen over the past 10-12 years a huge boom on investments in Africa. We have also seen the controversy coming out of that,” Mr Albanese said.
Vedanta Resources Plc acquired KCM in 2004 at a cost of US$25 million and has made significant contributions to the country’s economy.
KCM is currently the second largest copper producing company in Zambia and Government, through the Zambia Consolidated Copper Mines-Investment Holdings, has 20 percent shares in the mining firm.