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Lusaka MEDIA CLUB

WE WERE UNFAIRLY TREATED - VEDANTA
... Says it's ready to dialogue with the new government on its operations at KCM

Lusaka... Thursday June 2, 2022 (By Daily Mirror Business Reporter)

Vedanta Resources Zambia Ltd has lamented that it was unfairly treated by the previous government by placing Konkola Copper Mines (KCM) under liquidation.

Vedanta Resources Zambia Ltd Corporate and Communications Director Masuzyo Ndhlovu says that kind of treatment may send a wrong signal to would be investors.

And Mr. Ndhlovu has observed the need to recapitalize the mines saying copper is doing well on the international market.

Meanwhile, Mr. Ndhlovu says Vedanta is ready to contribute to the 3 million metric tonnes per year target set by the new government for the next ten years.

"As Vedanta Resources Zambia Ltd, we remain committed to participate in the production of copper and are keen to take part in meeting the 3 million metric tonnes target per year for the next ten years. We have plans to develop the mine and increase production. At the moment we are producing about 50 kilotonnes of copper which we intend to increase to 100 kilotonnes. In the medium term, we want to be producing about 200 kilotonnes of copper. This will be our contribution to the 3 million metric tonnes of copper per annum for the next ten years," said Mr. Ndhlovu when he featured on Crown TV programme in Lusaka.

"We must say this is a positive approach coming from the government and it is achievable. Vedanta is equal to the task as it has experience, financial muscle, technology and technical knowhow."

The Zambian Government plans to more than triple production of the mineral to three million tonnes a year within a decade.

President Hakainde Hichilema recently said Zambia is determined to respond to the high demand for copper and have an audacious goal to take its annual production levels from the current 830,000 to three million metric tonnes in the next ten years.