London-listed Vedanta Resources Plc today announced plans for Konkola Copper Mines (KCM) to accelerate development of its flagship Konkola Deep mine in Chililabombwe and establish a new refinery. This is part of the $1 billion investment previously announced by the Company’s Chairman.

Vedanta Resources Group Chief Executive Officer (CEO), Mr. Kuldip Kaura, made the announcement during a courtesy call on the Minister of Mines and Minerals Development Honourable Christopher Yaluma, MP, at his office in Lusaka. Mr. Kaura was accompanied by KCM CEO Mr. Steven Din.

As part of its $1billion investment which is expected to create an additional 12,000 jobs, the Company will commit $100 million into primary development and equipment at the Konkola Deep Mine; $300 million for accelerated development and infrastructure at Konkola Mine, which includes a dry mine plan, and another $600 million to set up a new copper refinery at Nchanga in Chingola, a cobalt processing plant, a mine training academy at Konkola and a captive Power Plant.

Speaking in Lusaka, Mr. Kaura said: “the Vedanta Resources Group has a 50-year vision for mining and opportunities on the Copperbelt. We are firmly behind KCM’s medium-term target of raising total annual finished copper production to 400,000 tonnes per annum and we look forward to Zambia reclaiming its position as Africa’s number 1 copper producer.’’

Mr. Kaura noted that the investment will secure current employment at KCM and create new job opportunities; further underlining Vedanta’s commitment to the development of the country’s mining sector and the nation’s economy.

Hon. Yaluma welcomed Mr. Kaura and pledged Government’s continued support to Vedanta Resources Group’s investment in Zambia. He urged the Company to accelerate its next phase of investment.

“The Government’s vision is for Zambia to be the leader in copper production in Africa and so we welcome Vedanta’s KCM growth strategy and your continued investment. Our desire is to have sustained job creation and improvement of people’s welfare in the country,” Mr. Yaluma said.

Mr. Kaura is in Zambia on a 4-day visit of the Vedanta Group’s operations. He has been visiting KCM sites, inspecting operations and interacting with staff and other stakeholders.