LONDON , July 22, 2024 /PRNewswire/ — Vedanta Sources Holdings Restricted (“VRHL” or “Vedanta Holdings” or “Vedanta”), the different world mining, metals, herbal sources, power, and era conglomerate lately showed that it has paid USD 245.75 million in layout with its constancy underneath the KCM scheme of association. This paves the best way for forthcoming reinstatement of the Board of Administrators of KCM and the go back of complete control regulate to Vedanta, which is important sooner than Vedanta ramps up manufacturing and unlocks KCM’s complete doable.

With high-grade Copper deposits in huge of two.4%, KCM is among the greatest deposits of high-grade copper globally. With overall of 412kt of contained Cobalt Reserves and Sources, KCM additionally has the possible to sit down among the supremacy 5 cobalt manufacturers globally. Vedanta has plans in playground now not handiest to ramp up KCM copper manufacturing to 300ktpa, but additionally lift Cobalt from 1ktpa to 6ktpa.

Reinforcing Vedanta’s constancy to KCM and to Zambia, Chris Griffith, CEO, Vedanta Bottom Metals mentioned:

“We are pleased to confirm transfer of funds under the KCM scheme of arrangement. Vedanta is committed to Zambia and Zambian people. We are confident that with 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 that is well equipped with a smelter and a robust Tailings Leaching Plant, and as a growth engine for the socio-economic development of the Zambian nation.”

Additionally talking at the week, Chairman of the Vedanta Staff, Anil Agarwal shared, “I am delighted that Konkola Copper Mines has returned to Vedanta fold. We have enjoyed a long history with this proud African nation and its people, and I look forward to forging even stronger ties with Zambia within the a long time to return.

“Copper is clearly a metal of the future, and its supply chain is one which the Government of India is also extremely keen to secure, given the huge demand for Copper in the country, its current limited domestic production, and very high import levels. We expect KCM to help serve some of this demand and strengthen economic and trade ties between India and Zambia.”

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SOURCE Vedanta Sources Restricted