KONKOLA COPPER MINES AMBITIOUS PROJECT!

Vedanta Resources leader, Mr Anil Agarwal and his team have been very active in restructuring KCM's financial and operational strategies to upgrade its Zambian Mining Ventures. Last year May, 2024 Vedanta obtained a $250 Million loan from Glencore, a Mining and Commodities firm. The deal was by a pledge of a 4.4% Share in Vedanta Ltd, a subsidiary of Vedanta Resources. This injection of funds was for enhancing the Company's finances and to assist Mining operations. In July, 2024 Vedanta Resources aquired full control of KCM after paying out $245.75 Million debt to its Contractors. KCM has high grade copper deposits above 2.4% coupled with huge cobalt reserves. Vedanta Resources has grand ambition plans to produce copper up to 300, 000 metric tons per year. They want to increase cobalt production to 6, 000 mt from its current 1, 000 mt per year in the next coming five years time. Right now, there hasn't been any confimed news in regards to the Glencore 4.4% Share in KCM. The Zambian Government in, 2019 took control of KCM from Vedanta Resources. The allegation was that, Vedanta Resources had not met its obligation to inject more capital to increase copper production. Vedanta Resources challenged the take over via many legal channels, including International arbitration. In 2023, the Zambian Government handed back KCM to Vedanta Resources. It was agreed upon that, Vedanta Resources was going to invest more than $1 Billion in KCM in the next five years to revive operations and increase copper production. Vedanta Resources also pledged to invest $20 Million per year in Community Development via a Community Trust. The Company gave out a 20% salary increment to all its workers coupled with a one-time bonus of K2,500 to staff members. Currently, Vedanta Resources is scouting for almost $1 Billion in debt financing to pump into KCM.