Vedanta a step closer to regaining control over Zambia copper assets
Vedanta Resources, owned by Indian billionaire Anil Agarwal, said it’s in an “advanced stage” of talks to regain control of a Zambian copper mining complex, four years after it was seized by the government.
“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.”
The Zambian government placed Konkola Copper Mines, 79.4% owned by Vedanta, into provisional liquidation in 2019, and has since been locked in legal battles with the company over the asset. Former President Edgar Lungu accused the company of lying about profits and expansion plans, before declaring “divorce” with Vedanta and moving to liquidate Konkola. President Hakainde Hichilema’s government has struggled to find a solution since winning power in August 2021.
The dispute has resulted in a slump in production. Vedanta has pledged to invest $1-billion in the assets to double annual integrated production to 100 000 tons of copper, with the potential to boost to 200,000 tons in the medium term.
Production troubles at Konkola have contributed to Zambia’s falling copper output. The finance ministry sees national output of the metal falling to 682 431 tons this year from 763 550 tons in 2022, it said in a report Sunday.
Separately, Konkola struck a deal with Copperbelt Energy Corp., a Zambian power supplier, to resolve outstanding debt. The agreement will see KCM paying the company $20-million in installments.
There’s one matter left to agree on before reaching a deal with Vedanta, Zambian Mines Minister Paul Kabuswe told reporters on Friday, without saying what it was.
“We are counting days, it’s no longer months,” he said in Lusaka, the capital.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
