Vedanta must settle money owed owed by KCM as a part of a deal reached with Zambian authorities after it regained management of the copper mines and smelter.
The corporate regained management of KCM late final yr after a five-year battle to get well the copper mines and smelter that have been seized by the administration of former Zambian president Edgar Lungu which accused the corporate of failing to take a position to broaden copper manufacturing.
Vedanta stated it will additionally grant KCM staff a 20% wage improve and once-off fee of two,500 Zambian Kwacha (about $102).
Vedanta will nonetheless want to boost a further $1 billion revive the mining operations and put money into advancing notably the Konkola Deep Mining Mission, which holds one of many richest copper deposits on this planet.
A Vedanta spokesperson informed Reuters on Wednesday the corporate was dedicated to exploring all funding choices, together with through debt or promoting a stake within the copper belongings.
Talks to promote a stake in KCM to the United Arab Emirates’ Worldwide Sources Holding (IRH) collapsed after the events didn’t agree on the belongings’ worth.
Vedanta owns 80% of KCM and has stated it might promote a 30% of its holding to boost capital to put money into boosting copper output. The Zambian authorities owns 20% of KCM by means of state agency ZCCM-IH.
(By Chris Mfula and Felix Njini, Modifying by Louise Heavens and Jane Merriman)