India's leading diversified natural resources company Vedanta Limited announced signing of two memoranda of understanding (MoUs) with South African companies for the development and supply of equipment and transfer of technology with the aim of improving safety and productivity at the mechanized underground mines of Vedanta's subsidiary, Hindustan Zinc Limited (HZL).
The first MoU relates to development of ground support systems that are critical for operational safety in underground mines.
It is envisaged that these systems will be manufactured in India.
The second MoU covers the manufacture of underground utility equipment and specifically the development of local skills in India to maintain this equipment.
"India's partnerships with South Africa over one and a half centuries have contributed to the bedrock of global economic growth," said Chairman Vedanta, Anil Agarwal.
"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," added Anil Agarwal.
South Africa offers a unique opportunity for Indian companies with an environment conducive to engagement with local stakeholders.
"Vedanta is investing significantly in a green field project at Gamsberg in South Africa's Northern Cape with a view to forming partnerships with companies in South Africa in future," said Chief Executive Officer of Vedanta Zinc International, Deshnee Naidoo.
He further elaborated that Vedanta has a global footprint with operations across four continents and it is the company's responsibility to make every effort to understand the local social, environmental and economic implications of our operations.
Vedanta has also invested in health, education, livelihoods, and environmental projects and other sustainable development activities in its South African host communities.
The key initiatives in the Northern Cape include the treatment of more than 1 000 cataract cases, a full brick-making plant run by the local community, and numerous school support and sustainable livelihood programmes.
The company is committed to ensuring that it leaves a positive legacy when its operations reach the natural end of their economic lives. As such, the company has committed to all closure processes reflecting best practice in terms of sustainability and environmental rehabilitation.
