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History

Konkola Copper Mines Plc ("KCM") is a major integrated copper producer in Zambia, primarily engaged in the exploration for mining, production and sale of copper and copper by-products. KCM is a subsidiary of Vedanta Resources Plc ("Vedanta"), a London-listed resources and mining company with operations in geographies spanning from India, Australia, South Africa, Namibia, Zambia, Sri Lanka, Liberia and Ireland. KCM, which is one of Africa’s largest integrated copper producers, aims to be a major global copper producer. Its mining operations are located in the Copperbelt Province of Zambia. KCM's fully integrated copper operations include two open pit mines, underground mines in Konkola and Nchanga, leaching plant, a state of the art new flash smelter, modernized concentrators, a modernized refinery and a sulphuric acid plant. Being one of the largest players situated on one of the highest-grade copper seams of the world, is one of our most significant competitive advantages. The mines in the Copperbelt were initially owned by Anglo American Corporation and Roan Selection Trust. However, in the early 1970s the mines were nationalised. During the subsequent 20-year period, the government's ownership of the mines was restructured several times. In 1991, Zambia became a multi-party state and the government embarked on an exercise to privatize parastatal companies, including the mining industry. By March 2000, the privatization programme of the largest mining assets was completed. Anglo American reacquired a 51% stake in Konkola Copper Mines which comprised mining operations in Chingola and Konkola, and smelting / refining operations at Nkana. However, in September, 2002 Anglo American withdrew as shareholders of KCM, leaving a restructured company whose main shareholders were again government entities, ZCCM-IH and ZCI. In November 2004, Vedanta Resources became the major shareholder in KCM with a 51% share in the company. In 2008, Vedanta Resources increased its holding in the company to 79.4%. Since, its original acquisition, Konkola Copper Mines has invested over $2.8bn to upgrade equipment, build new facilities and expand capacity. The investments have increased reserves & resources and increased the life of the mines by over 25 years.

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VEDANTA GROUP