Modern Mining February 2016

EVENTS

world, and particularly the depth and length of this commodity downturn. This was forcing mining companies to look at themselves in a different light, and to respond accordingly. “No mining company is untouched and each has its own distinct issues to address; to use a wonder- ful South African turn of phrase – everybody has to make a plan,” he concluded. The problems of copper mining were addressed by – among others – Vedanta’s CEO TomAlbanese, who said that Vedanta’s Zambian subsidiary, Konkola Copper Mines (KCM), one of the mainstays of the Copperbelt (and of the towns of Chililabombwe and Chingola), faced a range of challenges at its Konkola and Nchanga mines, including a declining copper price, declining grades and high strip ratios, escalating power costs (up threefold over 10 years) and a new mineral royalty tax regime. “It is now inevitable that there must be signifi- cant restructuring of KCM’s business in order to achieve breakeven cash flows and to return to profitability,” he stated. Turning to Vedanta’s big growth project in South Africa, the Gamsberg zinc project in the Northern Cape, Albanese said the first phase

Jonathan Moore, MD of Investing in African Mining Indaba, welcomes delegates.

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