Vedanta Resource Holding Limited has deposited $245.75M into an escrow account as designated by the High Court of Zambia in relation to the Konkola Copper Mines.
Vedanta Chief Executive Officer Chris Griffith says this paves the way for imminent reinstatement of the Board of Konkola Copper Mines and for Zambia’s resurgence as a global leader in copper production.
In a statement issued to RCV News in Lusaka today, Mr. Griffith said KCM has one of the largest deposits of high-grade copper in the world, and substantial amounts of cobalt, both which are expected to play an increasingly important role in the global energy transition in the years ahead.
“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”, said Mr. Giffith.
Mr. Giffith said the injection of funds will have a far reaching and transformative impact on Zambia as it revives local economic activity, create jobs and supports local businesses and communities through sustainable initiatives which will create a brighter future for generations of Zambians.
Meanwhile, Mr. Griffith said Zambia is targeting to produce 3 million metric tonnes of copper over the next 10 years.
By Maragret Mwanza
