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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.

“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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