Vedanta Pays $246 Million to Regain Zambia Copper Mines
- Payment clears way for return of management control to Vedanta
- Company to boost copper production from mines to 300,000 tons
The metals and energy major plans to ramp up copper production from the mines to 300,000 tons a year and cobalt output to 6,000 tons.
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Vedanta Resources Ltd. has paid about $246 million to creditors to regain control of the Konkola Copper Mines in Zambia after about five years.
The payment paves the way for “imminent reinstatement” of Konkola’s board and return of full management control to Billionaire Anil Agarwal’s Vedanta, according to a statement. The mines in the African nation hold one of the largest high-grade copper deposits in the world, as well as cobalt reserves, according to Vedanta.