Vedanta in advanced stage of deal for Konkola Copper Mines asserts

Deal regarding Konkola Copper Mines asserts is at an advance stage. Vedanta Resources, owned by Indian billionaire Anil Agarwal made the announcement and said the negotiations have taken longer than initially expected but reaffirmed its commitment to the process.

The Zambian government placed Konkola, of which Vedanta owns 79.4%, into provisional liquidation in 2019, leading to legal disputes between the government and the company. This ongoing dispute has resulted in a significant decline in output.

Konkola Copper Mines

Vedanta has made a commitment to invest $1 billion in the Konkola assets, aiming to double annual integrated copper production to 100,000 tons, with a potential increase to 200,000 tons in the medium term. Additionally, Konkola Copper Mines has reached an agreement with Copperbelt Energy Corp., a Zambian power supplier, regarding a debt owed by the mining company. As per the agreement, KCM will pay Copperbelt Energy Corp. $20 million in installments.

Zambian Mines Minister Paul Kabuswe stated that there is one remaining matter to agree upon before finalizing the deal with Vedanta. However, he did not disclose the details of this outstanding issue. Minister Kabuswe mentioned that they are now counting days, indicating that the agreement is expected to be reached soon.