Konkola Copper Mines

Konkola Copper Mines
IndustryMetal mining and smelting
Headquarters
Zambia
ParentVedanta Resources (~80%)
ZCCM Investments Holdings (~20%)
Websitekcm.co.zm

Konkola Copper Mines (abbreviated to KCM) is a copper mining and smelting company in Zambia. It is 80% owned by Vedanta Resources, a mining conglomerate based in Mumbai and London.[1]

Operations

Nchanga Copper mine, 2008

The company is 80% owned by Vedanta Resources and 20% owned by the state mining company of Zambia,[2] ZCCM Investments Holdings.

KCM produces 2 million tons of copper ore per year. The company's Konkola Deep Mining Project will expand its capacity to 6 million tons of ore per year.

Company assets include Konkola Copper Mine, Nchanga Copper mine near Chingola, Nampundwe Pyrites Mine and Nkana Refinery in Kitwe - the largest copper smelter in Zambia.[3]

Exports were transported to the ports of Dar es Salaam in Tanzania and Durban in South Africa. Principal markets included the Middle East and East Asia. Metal was also sold domestically, to Metal Fabricators of Zambia.[citation needed]

History

The company declared insolvency in early 2019.[4] Later that year, 1,826 Zambians obtained permission from the Supreme Court of the United Kingdom in its Lungowe v Vedanta Resources plc ruling to sue Vedanta for local water pollution caused by KCM that started in 2005.[5] Also in 2019, Lusaka High Court of Zambia blocked the sale of Konkola's assts by the company's liquidator.[6][2] The court's judgement enabled the state controlled minority owner ZCCM Investment Holdings to enter arbitration with the majority shareholder Vendanta Resources.[7]

Vendanta agreed a financial settlement for all pollution claims, without admitting liability, in 2021.[8]

See also

References

  1. ^ "konkola copper mining". fnbb.pl. Archived from the original on 2021-05-19. Retrieved 2021-05-19.
  2. ^ a b Ganta, Himaja (2019-08-07). "Zambian court blocks Vedanta's bid to stop Konkola copper mine sale". Mining Technology. Archived from the original on 2022-01-22. Retrieved 2023-04-13.
  3. ^ "Vedanta mine settles Zambian villagers' pollution claim". BBC News. 2021-01-19. Retrieved 2023-04-14.
  4. ^ "Zambia versus Vedanta row – DW – 06/04/2019". dw.com. Retrieved 2023-04-14.
  5. ^ Casey, J. P. (2019-04-11). "Supreme Court ruling: Vedanta can be tried in UK for Zambian pollution". Mining Technology. Archived from the original on 2023-03-16. Retrieved 2023-04-13.
  6. ^ "Zambian court halts Konkola Copper Mines liquidator from assets disposal". Reuters. 2019-06-27. Retrieved 2023-04-14.
  7. ^ "Zambian Court Stops Liquidation of Vedanta's Konkola Unit". news.bloomberglaw.com. Retrieved 2023-04-14.
  8. ^ "Vedanta Resources settles Zambia copper mine pollution claim". Reuters. 2021-01-19. Retrieved 2023-04-14.