LONDON, July 22,
2024 /PRNewswire/ -- Vedanta Resources Holdings
Limited ("VRHL" or "Vedanta Holdings" or "Vedanta"), the
diversified global mining, metals, natural resources, energy, and
technology conglomerate today confirmed that it has paid
USD 245.75 million in line with its
commitment under the KCM scheme of arrangement. This paves the way
for imminent reinstatement of the Board of Directors of KCM and the
return of full management control to Vedanta, which is necessary
before Vedanta ramps up production and unlocks KCM's full
potential.
With high-grade Copper deposits in excess of 2.4%, KCM is one of
the largest deposits of high-grade copper globally. With total of
412kt of contained Cobalt Reserves and Resources, KCM also has the
potential to sit amongst the top 5 cobalt producers globally.
Vedanta has plans in place not only to ramp up KCM copper
production to 300ktpa, but also raise Cobalt from 1ktpa to
6ktpa.
Reinforcing Vedanta's commitment to KCM and to Zambia, Chris
Griffith, CEO, Vedanta Base Metals said:
"We are pleased to confirm transfer of funds under the KCM
scheme of arrangement. Vedanta is committed to Zambia and Zambian people. We are confident
that with full support of the government and other key
stakeholders, we will soon be able to help KCM turnaround and reach
its full potential, both as a world-class Copper and Cobalt asset
that is well equipped with a smelter and a robust Tailings Leaching
Plant, and as a growth engine for the socio-economic development of
the Zambian nation."
Also speaking on the occasion, Chairman of the Vedanta Group,
Anil Agarwal shared, "I am delighted that Konkola Copper Mines
has returned to Vedanta fold. We have enjoyed a long history with
this proud African nation and its people, and I look forward to
forging even stronger ties with Zambia in the decades to come.
"Copper is clearly a metal of the future, and its supply
chain is one which the Government of India is also extremely keen to secure, given
the huge demand for Copper in the country, its current limited
domestic production, and very high import levels. We expect KCM to
help serve some of this demand and strengthen economic and trade
ties between India and
Zambia."
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