[miningmx.com] – INDIA’S Vedanta Resources is to spend $280m lifting production from its Zambia-based Konkola Copper Mines, according to Bloomberg News citing comments by Christopher Yaluma, the southern African country’s mines minister.
“The expenditure is intended to raise production by more than a third by 2017, from 132,318 tons of copper last year, Yaluma said.
Vedanta also agreed to pay $111m in outstanding debt at Konkola and provide a $400m bank guarantee, said Bloomberg News.
Vedanta Resources CEO, Tom Albanese, confirmed that the company was committed to KCM and to Zambia. “We have a 50 year vision for KCM and opportunities in the Copperbelt as our copper and cobalt anchor for our future African growth,’ he said.
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