Vedanta regains ownership & control of Zambia's Konkola Copper Mines
Mumbai: Vedanta Resources Limited has got back the ownership and operational control of Konkola Copper Mines (KCM) from the Zambian government.
According to Vedanta, the mine in Zambia has resources and reserves of 16 million tonnes of contained copper, and its copper grade is 2.3 percent, which is considerably higher than the 0.4 percent average for the world.
The company also emphasised KCM's important role in aiding the energy transition requirements of a world that desperately needs to decarbonise at a fast pace.
Regarding the reinstatement of Vedanta to oversee KCM, Paul Kabuswe, Minister of Mines and Minerals Development, said “Vedanta will return to run and resuscitate the operations of KCM as the majority shareholders.”
According to Vedanta's press release, this development comes at a time when India’s demand for copper, a critical mineral for energy transition technologies, recorded a yearly growth rate of nearly 25 percent.
Vedanta underscored that its reinstatement as the largest shareholder, with a 79.4 percent stake in KCM, is a significant development.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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