KOLKATA | Jul 11, 2016: Vedanta Limited has signed two memoranda of understanding (MoUs) with South African companies for supply of equipment, and transfer of technology to improve safety and productivity at its underground mines of its subsidiary, Hindustan Zinc Limited (HZL).
The first MoU relates to development of ground support systems that are critical for operational safety in underground mines which will be manufactured in India. The second one covers manufacture of underground utility equipment and development of local skills in India to maintain these equipment.
"India's partnerships with South Africa over one and a half centuries have contributed to the bedrock of global economic growth," said Anil Agarwal, chairman of Vedanta. "South Africa's economy continues to benefit from India's highly skilled and sophisticated services sector while India is securing its growing need for natural resources through ever-deepening bilateral trade ties. These two emerging powers give rise to countless opportunities and Vedanta is perfectly poised to facilitate development and prosperity in both nations," Mr Agarwal added, while welcoming Prime Minister, Narendra Modi, to South Africa.
"South Africa offers a unique opportunity for Indian companies with an environment conducive to engagement with local stakeholders. Vedanta is investing significantly in a greenfield project at Gamsberg in South Africa's Northern Cape with a view to forming partnerships with companies in South Africa in future," said Deshnee Naidoo, CEO, Vedanta Zinc International.
Vedanta has invested over $4 billion in Africa since establishing a presence on the continent in 2004. Currently, the company mines copper in Zambia, produces zinc and lead concentrate at Black Mountain Mining (BMM) in South Africa, and zinc metal at Skorpion Zinc in Namibia. Vedanta commenced its Gamsberg zinc project at BMM recently with a capital investment of US$400 million. Gamsberg holds one of the world's largest undeveloped zinc sulphide deposits with approximately 130Mt of defined ore resources at Gamsberg North. BMM continues to be a producer of zinc, lead, copper and silver and is the largest private employer in the Bushmanland and Namaqua region.
(Source: http://economictimes.indiatimes.com/)