Friday, 19th July 2024, Lusaka, Zambia- Vedanta Resources Holdings Limited (“VRHL” or “Vedanta Holdings or Vedanta”) today confirmed that it has deposited USD 245.75 million into an escrow account as designated by the Hon.
High Court of Zambia in relation to the Konkola Copper Mines.
This paves the way for the imminent reinstatement of the Board of the Konkola Copper Mines (KCM) and the return of full-management control, which will allow Vedanta to take the necessary steps required to allow KCM to start to deliver to its full potential, and to fuel Zambia’s resurgence as a major copper producing nation.
The Konkola Copper Mines have one of the largest deposits of high-grade copper in the world, and substantial amounts of cobalt, both of which are expected to play an increasingly important role in the global energy transition in the years ahead.
Reinforcing Vedanta’s commitment to KCM and to Zambia, Chris Griffith, Chief Executive Officer, Vedanta Base Metals said: “We are delighted to confirm the transfer of funds into a designated Escrow account as per our earlier commitment. Vedanta is committed to Zambia and the Zambian people.
We are confident that with the full support of the government and other key stakeholders, we will soon be able to help KCM reach its full potential, both as a world-class Copper and Cobalt asset that is well equipped with a smelter and a robust Tailings Leaching Plant, and a growth engine for the robust social and economic development of Zambia.” Zambia is targeting to produce 3 million metric tonnes of copper over the next 10 years.
The injection of funds will have a far-reaching and transformative impact on Zambia as it revives local economic activity, creates jobs, and supports local businesses and communi