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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.