By 
Indian businessman, Anil Agarwal, whose mining company Vedanta Resources has been in an out of court negotiation to take over Konkola Copper Mine (KCM) has pledged to settle a US$250 million debt to its creditors in Zambia after regaining control.
Agarwal, the founder of Vedanta Resources Limited, had committed to investing US$1 billion in Konkola, which was expected to result in more than a twofold increase in copper production from the facility.
Konkola’s operations encompass shafts, a smelter, and a refinery.
Its current output from its mines yields around 50,000 tonnes of refined copper. In contrast, First Quantum Minerals copper mines in the country yielded 390,000 tonnes in the previous year.
Read more: Mine workers Union regrets govt delays to announce Konkola, Mopani new investors
In a conversation with Bloomberg according to Business World , Agarwal emphasised that the strategy to settle all debts was to “ensure the goodwill of the people,” and he asserted that “financial constraints will not hinder us.”
Expressing his admiration for South Africa, Agarwal remarked, “Africa is dear to my heart… If I were to wed two wives, one would be India, and the other would be Africa.”
Vedanta, India’s largest mining firm, engages in the production of various metals from aluminum to zinc.
The company had also extended its operations in Africa, with mines located in Namibia and South Africa.
KCM was reported to have been confiscated by the previous administration of President Edgar Lungu in 2019.
The Zambian government had alleged that Vedanta had paid insufficient taxes and provided false information about its expansion intentions, leading to the placement of Konkola Copper Mines under temporary liquidation in 2019.
However, the current President Hakainde Hichilema aims to resolve the matter harmoniously, as reported by Bloomberg.
Read original article :Vedanta-Resolves-250-Mn-Debt-Dispute-Set-To-Revive-Zambia-s-Copper-Mines
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments