Vedanta Resources Seeks Partners to Boost Zambian Copper Output
Vedanta Resources Ltd., founded by billionaire Anil Agarwal, is seeking business partners to enhance production at its Zambian copper assets. This move follows the company’s regaining control of these assets after years of legal disputes.
As part of a $1 billion investment plan for the Konkola Copper Mines (KCM) assets, Vedanta is looking for partners to engage in exploration, development, and production.
The call for expressions of interest was announced in the state-owned Times of Zambia newspaper, with a deadline of July 31.
Vedanta lost control of KCM in 2019 when the Zambian government placed the operations under provisional liquidation, accusing the company of false expansion promises and insufficient tax payments.
After a prolonged legal battle, Zambia agreed to return the assets to Vedanta. Agarwal views KCM as crucial for supplying copper to India, which has limited domestic resources.
Vedanta is seeking partners for the following initiatives:
–Mine Exploration: Increase reserves and resources from 16 million to 21 million metric tons of copper equivalent.
–Cobalt Production: Boost output to 6,000 tons per year.
–Operations and Maintenance: Manage concentrator plants, a smelter, a refinery, and a tailings-leach plant.
