Vedanta Resources Increases Investment In Konkola Copper Mines
The growth is expected to be driven by an injection of $700m, prior to this, Vedanta injected $300 million, said Agarwal, at the India-Zambia Business forum held in Zambia.
KCM will, explained Agarwal, construct a new cobalt refinery, a coal-fired power plant, a training school for up skilling local talent, and continue to invest in local communities in the areas of education, health, sport and poverty eradication and sustainable livelihoods.
Furthermore, he stated that Zambia remains one of Africa’s preferred investment destinations and that further improvements to the investment climate, stability in the tax regime and affordable power would attract more foreign direct investment to the country.
“Our desire is to have a win-win situation. The government must be happy the Zambian public must be happy and our communities must flourish. We will maintain a continued focus on safety and the environment to realise this,” he added.
Agarwal also touted South Africa as another attractive destination for FDI, in view of President Cyril Ramaphosa’s business friendly disposition, and pointed to Anglo American’s commitment to remain in South Africa, as a positive turnaround.
“Anglo is very much a part of South Africa and they should be proud to remain in South Africa. I am happy that they have changed their mind about selling all their assets in South Africa. All this, I am sure, is because investor confidence has picked up in the wake of President Cyril Ramaphosa’s election,” said Agarwal.
On the subject of south-south cooperation and investments, Agarwal stated that India’s reliance of resources from Africa would strengthen cultural and economic relations between, for instance, Zambia and India.”