KOLKATA: Vedanta NSE 3.21 percent has announced a USD 700 million investment as part of its commitment to the expansion of Konkola Copper Mines in Zambia. This follows Vedanta's prior infusion of USD 3 BILLION (including Mr Agarwal's USD 1 billion pledge of new investments).
Anil Agarwal, Chairman of Vedanta Resources Plc, unveiled the investment intentions while outlining a Path to Growth for Konkola Copper Mines (KCM), a Zambian subsidiary of the diversified global mining and resources firm. Agarwal, who is on a two-day visit to Zambia to attend the India-Zambia Business Forum, stated that Vedanta is completely committed to helping KCM's goals to raise output to 400,000 metric tonnes per year in the coming years.
Speaking on the sidelines of the Zambia-India Business Forum, he stated that KCM will build a new cobalt refinery, a coal-fired power plant, a training school for upskilling local talent, and will continue to invest in local communities in areas such as education, health, sports, poverty eradication, and sustainable livelihoods.
'I was keen to come to Zambia approximately 15 years ago at a time when KCM was having a lot of issues,' Mr Agarwal said. After spending more than USD 3 billion, we have already established a solid position for KCM. Last year, I promised to invest an additional USD 1 billion. KCM is expected to increase rapidly in the next years.
'Our goal is to achieve a win-win situation.' The government must be pleased, the Zambian people must be pleased, and our communities must thrive. To do this, we will continue to prioritise safety and the environment. We must remain patient, and we would want to persuade our labour unions to do the same. 'We intend to repurpose all of the money we make to assure KCM's development,' he added.
Agarwal, who talked on a variety of mining topics, stated that South Africa was another appealing location for FDI due to President Cyril Ramaphosa's business-friendly attitude. He cited Anglo American Plc's pledge to remain in South Africa as a positive development.
'Anglo is very much a part of South Africa, and they should be delighted to be there.' I am relieved that they have reconsidered selling all of their holdings in South Africa. All of this, I'm sure, is due to increased investor confidence in the aftermath of President Cyril Ramaphosa's victory,' he added. Agarwal has become Anglo American's largest individual shareholder after investing a portion of his family's fortune in the global mining giant.
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