KONKOLA Copper Mines (KCM) has pledged its commitment to continue its operations in Zambia because the company has a vision running up to 50 years in conducting mining activities in the country.
KCM public relations and communications manager Shapi Shachinda said in a statement yesterday that the mining firm was a responsible employer and remained committed to its Zambian operations.
Mr Shachinda stated that KCM was one of Zambia’s most significant employers and that the company was mindful of the potential impact of its decisions on the lives of the people involved in its business and was therefore seeking to preserve as many KCM jobs as possible.
Mr Shachinda said KCM had a strong reserve base and a world-class asset portfolio, having invested US$3 billion in upgrading and expanding its facilities over the last decade of its operations in Zambia.
He said the mining giant had a 50-year vision for its operations in Zambia but with the global copper mining industry facing serious challenges as a result of low copper prices, KCM had started reviewing its loss-making assets.
Mr Shachinda said KCM had a 50-year vision form its operations in Zambia but because of the copper mining industry was currently facing as a result of the lower copper prices; the giant copper mining company had started reviewing its loss assets.
He said the Nchanga underground operations were currently making unsustainable losses and KCM had been compelled to review its operations.
“KCM is a responsible employer and remains committed to mits operations in Zambia. The company has a strong base and a world-class asset portfolio, having invested US$3 billion upgrading and expanding its facilities over the last decade. The company has a 50-year vision for its operations in Zambia. The global mining industry is currently facing serious challenges due to low prices. As a result, KCM has to review its loss-making assets.. The Nchanga underground operations are currently making unsustainable losses,” Mr Shachinda said.
Mr Shachinda said in the spirit of consultation, KCM met with three major unions representing KCM employees where a detailed analysis of the status of the Nchanga underground operations was presented.
He said it was however regrettable that the information that was tabled at the meeting in confidence had been taken to the media and had been published.
He said it was agreed at that meeting, KCM agreed not to take any steps until it had received feedback from the unions.
Konkola Copper Mine (KCM) is a leading Zambian integrated copper producer majority owned by Vedanta Resources plc, a London listed diversified resource and mining company.
Its operations are located in the Copperbelt region of Zambia. KCM operates underground mines as well as metallurgical plants with operations located at Nchanga, Konkola and Nampundwe.