Indian mining company Vedanta Resources is seeking investment partners to enhance copper and cobalt exploration and production at the Konkola Copper Mines (KCM) in Zambia. This falls under a $1 billion investment plan for the projects, with an expression of interest launched earlier this week.
The partnership will support goals of increasing copper reserves at the mines from 16 million tons to 21 million metric tons while increasing cobalt production to 6,000 tons per annum. The new partner will also operate and manage concentrator plants at the mines, alongside a smelter, refinery and tailing-leach plant.
“We are confident that with the full support of the government and other key stakeholders, we will soon be able to help KCM turnaround and reach its full potential, both as a world-class copper and cobalt asset equipped with a smelter and a robust Tailings Leaching Plant, and as a growth engine for the socio-economic development of the Zambian nation,” stated Chris Griffith, CEO of Vedanta Base Metals.
The partnership aligns with Zambia’s goal to raise copper output to three million tons by 2030.
