KONKOLA Copper Mines (KCM) has completed the sinking phase for the new shaft 4 at its Konkola Deep Mining Project (KDMP) expected to up finished copper production to more than 400,000 tonnes in the next few years.
The shaft has been sunk to a depth of 1,505 metres in Chililabombwe.
The shaft 4 is Zambia’s deepest and has the largest hoisting capacity in southern Africa.
In a statement, Vedanta Resources Group, chief executive officer Mahendra Singh Mehta said the project is a major milestone in the mine’s history.
Mr Mehta said the next phase of the project will be equipping the shaft.
He said the last blast completed the sinking phase of the shaft marking a remarkable accomplishment for KCM and Zambia.
KCM chief executive officer Jeyakumar Janakaraj said Vedanta Resources had shown unrelenting commitment to continue execution of the project even in challenging times when the copper prices had slumped.
“The implementation of the KDMP project continued during the recent global economic crisis when several mining companies operating in Zambia suspended their projects,” Mr Janakaraj said.
And KDMP general manager Raj Kulkarni said the project, which had been on the drawing board for several decades, had culminated into the first major shaft to be sunk since Zambia’s independence in 1964.
GLTA contractor company chairman Eugene Erasmus described the sinking of the shaft during the blasting ceremony as a challenging feat.
KCM is an integrated copper producer which operates the Nchanga Mine, comprising an underground mine and four open pits, the Nchanga Smelter, Konkola Mine, Nkana Refinery on the Copperbelt Province and the Nampundwe pyrite mine.
KCM is Zambia’s largest private sector employer with more than 20,000 permanent and contractor employees.
KCM is an integrated copper producer which operates the Nchanga mine comprising an underground mine and four open pit mines, the Nchanga smelter, Konkola mine, Nkana refinery and Nampundwe pyrite mine.
[Zambia Daily Mail]
I am pretty sure the sinking of this shaft was started or done several years ago. Rather misleading title, probably should read ‘Sinking of number 4 shaft completed’. I suppose one can make human errors/mistakes when his/hers is to churn out stories meant to make readers believe we have development left and right. We await to see stories/debates on who this development truly benefits.
KCM was sold for $25m and within 3 months they were sold the mine, they recouped on their investement. Now they are reaping due to supper profits they are making, smilling all the way to the bank.
Thanks the MMD.
#2 Which one of the current presidential candidates was in govt when the mines were privatised?
MR SATA was in Gvmnt but never played any role in the privatisation.
HH was the one in the forefront looking for potential buyers.
After selling the mines, after 3 months the made profits more than the price the mines were sold.
Shame Shame, kafupi.
That is good news. I hold stock in Vendata, hopefully production will begin soon. As investors we initially had doubts about the wisdom of investing in unstable third world countries. I hope the peace will hold and that there will be no st/up.id policies to introduce things like windfall tax. It is a very unfair tax that punishes people who have taken risks to invest in a very poor and unstable country.
Which country are you referring to as unstable? You must be a shit head. Zambia is more stable than countries that have people with names like Gupta.
#5 it depends on which side of the business party you belong to. Windfall tax is not an unfair tax for it taxes abnormal profits only. It does not do any harm to normal profits. Secondly Zambia is not an unstable country. And rightly as you put it Zambia is a poor country, made so because of the trickery that investors use to convince the greedy and corrupt leaders that the country has. Soon time will come when you shall face leaders with a passion of moving the country to at least a middle class economy, the ripping off that Vendata, Glencore, First Quantum are smiling over now shall be a thing of the past. Make hay whilst the sun still shines.
CHIMANIBABA,HH YOU ARE THE BENEFICIALLY OF THIS *********T
Its fantastic as your other blog posts : D, thankyou for putting up. “As experience widens, one begins to see how much upon a level all human things are.” by Joseph Farrell.