Tertiary Minerals PLC Konkola West Copper Project, Zambia
September 06 2023 - 9:44AM
RNS Non-Regulatory
TIDMTYM
Tertiary Minerals PLC
06 September 2023
6 September 2023
Tertiary Minerals plc ("Tertiary" or "the Company")
KONKOLA WEST COPPER PROJECT, ZAMBIA
Tertiary Minerals plc wishes to highlight the statements made
yesterday, 5 September 2023, by the Hon. Paul Kabuswe, M.P.,
Minister of Mines and Minerals Development for Zambia and Mr.
Pushpender Singla, Executive Director and Chief Financial Officer
of Vedanta Zinc International South Africa, regarding the amicable
settlement of disputes between ZCCM-IH Limited ("ZCCM") and Vedanta
Resources Limited ("Vedanta") relating to Konkola Copper Mines
("KCM").
KCM was the operator of the suspended Konkola Copper Mine on
mining leases that adjoin the Company's Konkola West Copper
Project. The Konkola West Copper Project is projected to host the
down dip extensions of the ore mined at the Konkola and Lubambe
Copper Mines.
The resolution of disputes will see Vedanta return as majority
shareholder and the intention to resume copper production at
Konkola. As part of the dispute resolution Vedanta has committed to
invest $1 billion in KCM development and $250 million to all local
creditors. A $20 million annual payment has also been pledged
towards corporate social responsibility by investment into the
local community.
Commenting today, Executive Chairman Patrick Cheetham said:
"I am delighted to hear of the upcoming resumption of mining
operations at Konkola Copper Mines where production stalled during
the lengthy legal disputes. Vedanta's commitment to invest $1
billion dollars in the mining operation adjacent to our Konkola
West Project and the deep drilling at the nearby Mingomba deposit
by KoBold Metals highlights that we really are working in elephant
country. It is an exciting time to be exploring for copper in
Zambia."
Further details of the Company's Konkola West Copper Project can
be found in a dedicated presentation available on the Company's
website at:
https://www.tertiaryminerals.com/presentations
Contacts:
Tertiary Minerals plc:
Patrick Cheetham, Executive
Chairman +44 (0) 1625 838 679
------------------------------
SP Angel Corporate Finance LLP
Nominated Adviser and Broker
Richard Morrison +44 (0) 203 470 0470
------------------------------
Harry Davies-Ball
------------------------------
Peterhouse Capital Limited
Joint Broker
Lucy Williams + 44 (0) 207 469 0930
-------------------------------
Duncan Vasey
------------------------------
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