Vedanta Resources Holdings Limited (VRHL or Vedanta) has confirmed a significant milestone by paying USD 245.75 million as part of its commitment under the KCM scheme of arrangement. This payment facilitates the imminent reinstatement of KCM’s Board of Directors and the return of full management control to Vedanta, crucial steps for the company to ramp up production and unlock the full potential of KCM.
KCM, known for its high-grade copper deposits exceeding 2.4%, ranks among the world’s largest sources of high-grade copper. Additionally, with 412,000 tonnes of contained cobalt reserves and resources, KCM has the potential to become one of the top five global cobalt producers. Vedanta aims to increase copper production at KCM to 300,000 tonnes per annum (ktpa) and raise cobalt production from 1,000 tonnes per annum (ktpa) to 6,000 ktpa.
Chris Griffith, CEO of Vedanta Base Metals, expressed the company’s commitment to both KCM and Zambia, stating: “We are pleased to confirm the transfer of funds under the KCM scheme of arrangement. Vedanta is dedicated to Zambia and its people. With the full support of the government and key stakeholders, we are confident that we can help KCM achieve its full potential as a world-class copper and cobalt asset, equipped with a smelter and a robust tailings leaching plant, and as a driver of socio-economic development in Zambia.”
Anil Agarwal, Chairman of the Vedanta Group, added: “I am delighted that Konkola Copper Mines has returned to Vedanta’s fold. We have a long-standing relationship with Zambia and its people, and I look forward to strengthening these ties in the future. Copper is a metal of the future, and its supply chain is a priority for the Government of India due to high demand and limited domestic production. We expect KCM to help meet this demand and enhance economic and trade relations between India and Zambia.”
