The metals and power main plans to ramp up copper manufacturing from the mines to 300,000 tons a yr and cobalt output to six,000 tons.
Earlier, the corporate settled a long-standing dispute with the Zambian authorities after agreeing to clear money owed owed to the mine’s collectors by means of a court docket authorized plan final month. KCM was put into provisional liquidation after the earlier authorities accused its proprietor of mendacity about growth plans and paying too little tax.
Vedanta will turnaround the mines quickly “as a world-class copper and cobalt asset that’s properly geared up with a smelter and a strong tailings leaching plant,” Chris Griffith, chief govt officer of Vedanta Base Metals, stated within the assertion.
Zambia confirmed the cost and expects an official handover of KCM again to Vedanta subsequent week, Mines Minister Paul Kabuswe informed reporters within the capital, Lusaka.
Agarwal, who’s trying to scale back the father or mother firm’s large debt load, has pledged to speculate $1 billion within the operation and double copper manufacturing, a transfer that might assist shore up Zambia’s flagging copper output, which is predicted to hit a 14-year low in 2023.
(By Akriti Sharma)