Tuesday, July 30, 2024 – Lusaka. Zambia / London, United Kingdom
Vedanta Resources Holdings Limited (“VRHL” or “Vedanta Holdings” or “Vedanta”), the diversified global mining, metals, natural resources, energy, and technology conglomerate announced the reinstatement of the Board of Directors of the Konkola Copper Mines (“KCM”).
This marks the return of full management control to Vedanta, which is a necessary first step to Vedanta ramping up production and working toward unlocking KCM’s full potential.
“We are delighted to announce the reinstatement of the KCM board, which brings together a team of highly skilled and experienced professionals,” said Chris Griffith, the Chief Executive Officer of Vedanta Base Metals.
“We are confident that this Board will provide strong leadership and guidance to help drive the company’s future success, which is closely tied to the vision of the Zambian government to make Zambia one of the leading copper – producing nations in the world.”
The reinstated Board comprises a diverse range of skilled and experienced professionals including:
• Chris Griffith, the current CEO of Vedanta Base Metals, which leads the group’s entire copper portfolio – including the Konkola Copper Mines in Zambia, the Group operations in Fujairah, UAE, Sterlite copper in India, as well as Vedanta’s international zinc business in South Africa and Namibia. With over 34 years of rich experience in the mining industry, Mr. Griffith has a proven track record of leading and driving the growth of international businesses as the CEO of Anglo Platinum, Gold Fields, and Kumba Iron Ore.
• Malcolm Mewett is a global mining engineer with over 40 years of rich experience in the mining industry and is the designated Chief Operations Officer and country head of KCM. He previously served as Vice President and General Manager at ICL Boulby Mine (UK) and has also worked across various jurisdictions, including Australia, USA, Turkey, Greece, and India.
• Akhilesh Joshi is a mining engineer with over 45 years of rich and inspirational leadership. He is credited with nurturing and turning around Hindustan Zinc Limited, one of the world’s largest integrated Zinc, Lead, and silver producers. He started his career as a Mining Engineer at Hindustan Zinc Limited and retired as the CEO of the company. He has also served as President of the Global Zinc business of Vedanta and is a past Vice President of the International Zinc Association.
• Dr. Moses Banda is a renowned Zambian economist and advisor who has served as Economic Advisor to Zambia’s Third President the late Levy Patrick Mwanawasa. He has also held the position of Permanent Secretary at the Ministry of Commerce, Trade and Industry. Dr Banda has also executed various economic assignments for the World Bank, the United Nations Development Programme (UNDP), and country and corporate due diligence assessments for several foreign direct investors. He has 40 years of rich work experience in academia, private and public sectors.
• Pushpender Singla is the current CFO of Vedanta Base Metals Business and serves as a Board member of Vedanta Resources Holding Limited. He has more than 18 years of rich experience with Vedanta Resources and Vedanta Ltd across its Aluminum, Power, Copper, Zinc, and metal businesses in India, Australia, and South Africa. Mr. Singla’s responsibilities include driving the overall performance of the Vedanta Base Metals business including Operations, Strategic Finance, People Transformation, and Growth.
• Manish Saxena is a seasoned Finance Professional with more than 33 years of experience in Finance and is the designated Chief Financial Officer of KCM. He has worked with large Multinationals in India in the mining, Telecom, and manufacturing sectors as well as the service sector in India and Africa. He served as Chief Financial Officer for the Great Eastern Energy Corporation Limited and latterly for Adani Enterprises Limited as Chief Finance Officer of their Mining & Metals Business.
• Dr. Diana Kangwa is a business executive with expertise in engineering, communication, and finance and has skills in strategic business planning and execution that span diverse sectors, including commercial banking, fintech, and telecommunications. Her previous roles included being Chief Operations Officer at ZANACO, and Deputy Chief Operations Officer at CAVMONT Bank, among others.
• Manuel Mutale is a multi-skilled professional who has previously served as Executive Director for the Zambia Bureau of Standards (ZABS). He later served as the Interim Managing Director for Zambia Forestry and Forest Industries Corporation Plc (ZAFFICO). He also worked as Managing Director for Mulonga Water and Sewerage Company Limited, the second biggest commercial water utility company in Zambia.
• Rodney Machila has rich work experience in the public sector spanning over 20 years. He has wide exposure and experience in dealing with both the public and private sectors. He currently serves as Assistant Director in charge of coordinating and monitoring the performance of Government Investments in the Ministry of Finance and National Planning.
“Our shared commitment to governance, safety, and environmental stewardship will ensure that KCM operates with integrity, responsibility, and transparency. We will work tirelessly to create value for all stakeholders while making a positive impact on the communities we serve and build a brighter future for KCM.” said Griffith.
With high-grade Copper deposits in excess of 2.4%, KCM is one of the largest deposits of high-grade copper in the world.
The mines are located in one of the highest-grade copper seams in the world, at Nchanga, Konkola, Nkana, and Nampundwe. KCM’s operations include the KDMP underground mine, Nchanga open pit mines, concentrators, smelter, TLP, and refinery. The Company is focused on safety, environment, and socio-economic development.
KCM is fully aligned with the Government’s vision of producing 3.0 million metric tonnes of Copper within the next 10 years on its journey to making Zambia one of the world’s leading copper-producing nations. KCM aspires to produce 500,000 metric tons of this.
With a total of 412kt of contained Cobalt Reserves and Resources, KCM also has the potential to sit amongst the top five cobalt producers globally.
Vedanta Resources plans to invest an additional $1bn to further develop KCM and ramp up existing copper production levels to 300ktpa and cobalt production from 1ktpa to 6ktpa by improving production capabilities.
