Vedanta Resources | Moneynomical https://moneynomical.com Business | Stock Markets | Investing | Economy | Tech | Crypto | India | World | News at Moneynomical Mon, 21 Aug 2023 05:33:13 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://moneynomical.com/wp-content/uploads/2022/06/cropped-m-logo-01-1-32x32.png Vedanta Resources | Moneynomical https://moneynomical.com 32 32 Vedanta Resources nears resolution with Zambia’s Government https://moneynomical.com/vedanta-resources-nears-resolution-with-zambias-government/1011/ https://moneynomical.com/vedanta-resources-nears-resolution-with-zambias-government/1011/#respond Mon, 21 Aug 2023 05:33:13 +0000 https://moneynomical.com/?p=1011 Vedanta Resources, owned by Anil Agarwal, is close to resolving the dispute with Zambia’s government over Konkola Copper Mines assets, in provisional liquidation for four years. Vedanta pledged $1 billion to double annual copper production to 100,000 tons. “Vedanta is alive to the fact that the talks have taken a little longer than initially anticipated,” […]]]>

Vedanta Resources, owned by Anil Agarwal, is close to resolving the dispute with Zambia’s government over Konkola Copper Mines assets, in provisional liquidation for four years. Vedanta pledged $1 billion to double annual copper production to 100,000 tons.

“Vedanta is alive to the fact that the talks have taken a little longer than initially anticipated,” it said in a statement on Sunday. “The company is firmly committed to the process.”

An agreement with Copperbelt Energy Corp. over a debt will see KCM paying $20 million. One matter remains before a final deal. Zambia’s Mines Minister is optimistic and counting days, not months. The resolution brings hope for reviving mining operations, boosting copper production, and benefiting the Zambian economy.

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