Vedanta Resources nears resolution with Zambia’s Government
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.
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.