Vedanta Plans $280 Million Zambia Spending, Minister Says
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Vedanta Resources Plc, the mining company controlled by Indian billionaire Anil Agarwal, plans to spend $280 million to boost output at its Konkola Copper Mines Plc unit in Zambia, the African nation’s mines minister said.
Production will increase by more than a third by 2017 from 132,318 metric tons last year, Christopher Yaluma told lawmakers yesterday. Vedanta also agreed to pay $111 million to settle debt outstanding at Konkola and provide a $400 million bank guarantee, he said.