VEDANTA RESOURCES
Minister of Agriculture and Livestock Wylbur Simuusa today visited Konkola Copper Mines (KCM) in his capacity as Nchanga Member of Parliament to familiarize with the company's operations.
Speaking after commissioning of the new equipment at the Chingola Open Pits (COP) F&D, which restarted operations on 1st July following a one-and-half year lull, Hon. Simuusa reaffirmed the government's commitment to ensuring Konkola Copper Mines overcomes its current operations challenges. Hon. Simuusa said the resumption of COP F&D operations was a clear commitment by London-listed Vedanta Resources Plc and its subsidiary, KCM to enhance productivity, sustain jobs and ensure broader mining sector
growth.
Hon. Simuusa said: "KCM is critical to the growth of the mining sector and the Zambian economy and it holds together the local economy of Chingola and the other towns in which the company operates. Therefore, it is important that KCM performs well and as Member of Parliament for Nchanga, I will render all the necessary support to KCM so that it can completely come out of the problems it has faced in recent times."
"I am happy that KCM is implementing measures intended to improve its operations through the business improvement plan (BIP). This will soon bring positive results and put smiles on the people of Chingola and the entire nation," Hon. Simuusa said.
KCM has purchased three hydraulic excavators, one of them a 7 cubic metre bucket and two 15 cubic metre bucket types, seen as the first of their type in Zambia, for the operations. In addition to the three excavators, the company has also procured two bulldozers, a D10T and a D9T, six light vehicles and a man bus. KCM has also refurbished 2 Komatsu 100 ton trucks and 4 Caterpillar 240 ton trucks and put them back into production at COP F&D and Cut II.
"The purchase of this equipment, worth $16 million, is a sign of commitment to improve productivity, which will in turn ensure longevity of operations, which should enable the
Government to continue to collect various taxes from KCM and spend revenue in improving social sectors, such as education, health, poverty alleviation and infrastructure
expansions and upgrades." Hon. Simuusa said.
KCM Chief Executive Officer Steven Din assured the minister of Vedanta's commitment
to Zambia by reiterating that the KCM operations were running on a 50-year vision.
"The new excavators that Hon. Simussa has commissioned have been acquired by KCM for one purpose - to increase production. They form part of a broader strategy towards increased production," Mr. Din said.
"At Nchanga IBU, a total of $16 million has been spent on equipment purchases and repairs including the acquisition of 2 dozers, 6 light vehicles, the refurbishment of six trucks and, of course, the excavators that we are commissioning today."
Mr Din said, "At Konkola IBU, a total of $4.6 million has been spent - on remote bloggers, utility vehicles, underground refuse chamber works and work on an emulsion
charging unit."
"We are investing in our communities also. A strong community is the lifeblood of a strong business. That is why this week KCM approved an additional $1.6 million to be
spent on infrastructure refurbishment and equipment at our hospitals."
Roma Balwani Shapi Shachinda
Executive Vice President Manager- PR and Communications
Group Communications & CSR Konkola Copper Mines
Tel: +91 22 6646 1000 gc@vedanta.co.in
Vedanta Resources plc. ("Vedanta") is a London listed diversified global resources major. The group produces Aluminium, Copper, Zinc, Lead, Silver, Iron ore, Power, and Oil and Gas. Vedanta has world-class assets in India, Zambia, South Africa, Namibia, Ireland, Liberia, Australia and Sri Lanka and a strong organic growth pipeline of projects.
With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information, please visit:
www.vedantaresources.com
This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as
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Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
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