Konkola Copper Mine (KCM) is committed to its role as a responsible mining company operating in Zambia.
There are several points worth noting regarding our commitment to the country:
- Since acquisition, from the revenues earned at KCM, the majority has been re-invested back into the company.
- Dividends for Vedanta shareholders have only amounted to about US$ 58million. In addition, Vedanta has continuously supported the company financially as per its funding commitments in its agreements with the government.
- During the last nine years, KCM has contributed approximately US$ 830 million to the Zambian Treasury in tax payments and US$ 22 million to local councils in rates.
Contribution To Stakeholders
Integrated Revenue is defined as revenue generated from the production and sale of copper and other by-products from material sourced from the company’s mines, tailings dams and stockpiles.
Contribution To Government
Konkola Copper Mines (KCM) has been at the forefront of embracing Zambia’s participation in the Extractive Industry Transparency Initiative (EITI), a global initiative intended to enhance transparency in relation to what companies report to have paid in various taxes and fees to the Government and what the Government in turn reports as receipts from the mining companies. Zambia is the 15th country to sign-up to this initiative.
KCM has participated in the Zambian EITI process from inception in 2009. So far Zambia has successfully completed a reconciliation of payments for the years 2009, 2010 and 2011. Based on these reconciliations, KCM was identified as the largest mining contributor to the National Treasury in 2009 and the second largest in years 2010 and 2011. Extracts from the EITI reports for each of these years is provided through the below links:
The 2012 EITI Report is awaited.
Share of Integrated Revenue (2005 to 2012)