Chairman of Vedanta: the company will continue to invest in Zambia and may increase its annual production to 400000 tons

SMM5, 31 March-according to foreign media reports, Anil Agarwal, chairman of Vedanta (Vedanta), said on Wednesday that he was prepared to increase the company's copper production in Zambia to 400000 tons, and that its subsidiary Konkola copper Mines (KCM) would create another 10, 000 jobs. Provide more social benefits for employees.

But only if the government gives it an "appropriate framework".

KCM is currently one of Zambia's largest employers, creating about 13000 jobs. Annual copper production reached 90,000 tons in fiscal year 2018-19.

In addition to Vedanta, other miners currently in Zambia include Glencore (Glencore) and first Quantum (First Quantum).

Earlier, the first quantum said it had abandoned plans for layoffs. But Glencore said it would close two copper shafts at the Mopani copper mine, which is no longer cost-effective.

Zambia introduced a new mining tax in January, requiring local imports of copper concentrate to impose a tariff of 5 per cent, a move aimed at ensuring the country's interests in natural resources. "correlation Analysis-[SMM Analysis] Zambian President insists on tax Reform costs increase by more than half of Copper Mine Enterprises face losses

But the move has a wide range of implications, such as having a direct impact on the normal operation of the smelter at KCM's Nchanga copper mine, because the 5 per cent tariff directly cuts off copper concentrate flowing into the smelter from the Congo. So after Zambia imposed import duties on copper concentrate, the company suspended operations at the Nchanga copper mine in Zambia.

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