Vedanta has invested US$3 billon in KCM but has not made any profits-Vedanta CEO

Filed under: Statements |

Tom-Albanese-Chairman-of-Vedanta-Resources-HoldingsVedanta Resources Plc has revealed that the Konkola Copper Mines has not made any profit since 2004 when it was acquired by the Indian mining giant.

Vedanta Resources Plc Chief Executive Officer Tom Albanese said KCM has been loss making forcing the parent company to keep injecting funds to keep the mine afloat.

Mr Albanese stated that Vedanta Resources Plc has so far invested US$ 3 billion which has extended the mine life of Nchanga and enabled the development of its flagship Konkola Deep Mine project.

He was speaking last evening when he featured on ZNBC TV’s Sunday Interview.

Mr Albanese who is also the Board Chairman for KCM said Vedanta Resources Plc is committed to its investment in KCM and sustaining the mining activities on the Copperbelt.

He also dismissed reports that Vedanta Resources Plc has been using funds generated from KCM to develop other mines in other countries.

Mr Albanese stated that Vedanta Resources Plc has infact exceeded its pledged investment threshold of US$ 450 million by pumping in US$ 3 billion in KCM operations.

He said the key target now to reduce the operating costs for KCM as it hopes for an improvement in the copper prices.

Mr Albanese said KCM also wants to improve its communication with key stakeholders such as the government, the media and civil society including local communities.