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Vedanta has set its eyes on Zambia with the prospect of investing in the electric car battery manufacturing sector.
This follows the recent signing of a Memorandum of understanding between Vedanta and the state of Gujurat of India to set up a semiconductor fabrication plant commonly referred to as a fab unit, a display fab unit, and a semiconductor assembling and testing unit in Ahmedabad in western India.
Vedanta Country Director Dr. Moses Banda says Vedanta is considering engaging the Zambian Government to consider the possibilities of participating in the electric car battery manufacturing industry that the country plans to set up in collaboration with the Democratic Republic of Congo.
Dr. Banda said the planned partnership between Zambia and the Democratic Republic of Congo to jointly embark on the production of electric vehicle batteries and other electronic accessories to create a firm position in the global supply chain is critical and timely.
He noted that Vedanta, one of the largest players in the Southern African mining industries, stands ready to partner with the Government to ensure the creation of viable ventures that will spur employment and other economic opportunities to ensure mutual benefit.
The joint venture recently embarked on in India is looking at setting up a semiconductor manufacturing plant in the next two years and replicating it in Zambia; will boost the countries'' mineral value chain. With the partnership between Zambia and the DRC, Vedanta is poised to work with both countries and connect them to the industry players in India.
Dr. Banda stated that Vedanta shares the Zambian Government''s interest in ensuring value addition in the mining industry, which will help to create a robust sector, crucial to the country''s overall development.
Vedanta will hold 60% of the equity in the JV while Foxconn will own 40%. Foxconn is the world’s leading and largest electronics manufacturer and technology solution provider, and it continuously leverages its expertise in software and hardware to integrate its unique manufacturing systems with emerging technologies.
In Zambia, Vedanta is represented by Vedanta Resources Holdings Limited and the Zambian subsidiary Konkola Copper Mines (KCM), the country''s largest integrated copper producer, with an entire production value chain comprising open pit and underground mines, concentrators, a state-of-the-art smelter, tailings leach plant, and a refinery. It has operations in four locations, including Chingola, Chililabombwe, Nampundwe, and Kitwe, playing a key role in the communities around these mining areas. The company''s product or service includes copper cathodes, copper-cobalt alloys, sulphuric acid, pyrite, and anode slimes.
Vedanta has successfully operated KCM from 2004 to 2019 and invested USD 3 billion which includes 1.3 billion in sustaining CAPEX and USD 1.7 billion into project Capex.
Upon its return to running the asset (KCM), Vedanta plans to invest an additional $1 billion into mine development, growth projects, and increase copper production which will ultimately contribute to the attainment of three (3) million tonnes of copper in the next ten years as projected by the government.
Really laughable …these are part of Anil Agarwal charm offensive just lies like his promises to invest XX billion dollars in KCM, he heard HH7 talking about such projects…you honestly think an Indian would leave his home where he has the skilled man power and machinery to come to Africa and open up a Factory for a black man. If this factory ever saw the day of light in Zambia it would be filled with Anil Agarwal’s relatives from India.
Spot on Tarino!I just wonder for how long Zambia is going to put up with this Vedanta nonsense.
(Vedanta is considering engaging the Zambian Government to consider the possibilities of participating in the electric car battery manufacturing industry that the country plans to set up in collaboration with the Democratic Republic of Congo. ) meaning zambia should abandon the collaboration with DRC and same how work with Vedanta, share holding Vedanta will hold 60% of the equity in the JV while Foxconn will own 40% can same one help me understand how will zambia fitting in this partnership?
While telling us how much Vendata has invested since 2004, how about you also tell us how much it got in VAT refunds and how much Tax it has paid into the Zambian coffers?
Also how much shares is Zambia and DRC or its citizens going to have in this electric battery company in India? How many African business people have invested in India? How many blacks are in Indian parliament? You’re quick to give away your God given resources but Indians guard their own jealously. Wake up Zambia, wake up Africa.
Yeah the background in the story is so biased you can see the reporter got it from a company propaganda pamphlet.
We call this ukubeleleka…. next you will hear Kabuswe telling us that Vedanta wants a lot of cobalt for their battery factory ” SO IT’S IMPORTANT TO GIVE THE MINES TO THEM…”
The positioning of Africa as a world leader in the manufacture of electric batteries will undoubtedly involve the Democratic Republic of Congo (DRC) and Zambia. Lusaka and Kinshasa have just signed a cooperation agreement to develop their cobalt reserves, a metal that is essential to the energy transition and electric mobility because of its high energy storage capacity.
The project, called the “Republic of Zambia and DRC Battery Council”, will be implemented on two sites, one in the Congolese province of Haut-Katanga and the second in Copperbelt, a border region (Zambia) particularly rich in mineral deposits, including copper. This body, placed under the aegis of the United Nations Economic Commission for Africa (ECA), will benefit from financial mobilization entrusted to the African Export-Import Bank (AFREXIM Bank) for its implementation.
“Africa has long been considered a source of raw materials. This project should contribute to the diversification of the economy and the creation of green jobs for the reduction of poverty in our two countries,” says Zambian President Hakainde Hichilema.
With their hydroelectric potential, Zambia and the DRC could make Africa the first low-emission producer of cathode precursor materials for lithium-ion batteries. This will particularly allow Felix Tshisekedi’s country to reduce its greenhouse gas (GHG) emissions by 30%, in line with the commitments made at the DRC-Africa Business Forum held in November 2021 in Kinshasa.
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LAST week was a momentous occasion for us as a Ministry, and I am delighted to share with you our readers that Zambia and the Democratic Republic of Congo (DRC) have signed a Common Governance Framework, called the "DRC – Zambia Battery Council".
This common governance framework centered on the establishment of the value chain in the electric battery and clean energy sectors will also cover the development of industrial zones in DRC and Zambia. To achieve this, the two sister countries are making available sites in Katanga and Copperbelt regions.
The historic event was witnessed by our two Heads of State, the Republican President Hakainde Hichilema and his Counterpart, the Congolese President Felix Antoine Tshisekedi Tshilombo, who have both agreed to bring our two countries together to enter into an understanding to work together towards the establishment of the value chain in electric battery and clean energy.
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