Zambian Mines Minister Paul Kabuswe announced that a deal between its Konkola Copper Mines (KCM) and Vedanta Resources (VEDJB.UL) is imminent. Relations between KCM and India’s Vedanta Resources broke down years ago, which resulted in a state takeover of KCM assets in 2019.
Kabuswe also stated that negotiations will also resolve KCM’s outstanding payments to contractors and suppliers. Zambian President Hakainde Hichilema hopes the fresh investment will revitalize Africa’s second-largest copper operation. Resolving KCM could also free up funding for the Konkola Deep Mining Project, providing access to one of the richest copper deposits in the world. The Zambian government aims to triple metal output to supply key sectors from power lines to electric vehicles over the next ten years. A Vedanta spokesperson concurred that they hope to see KCM operational as soon as possible.
Read More:
