Vedanta has once again pledged to invest more than $1.2 billion to improve output and pay off debts, and the government, which holds a 20% share in KCM through ZCCM-IH, will let the business to restore management and operation of KCM’s mines and smelter, Kabuswe said.
According to mining minister Paul Kabuswe on Tuesday, Zambia has decided to give Vedanta Resources back control of Konkola Copper mining (KCM), putting an end to a dispute over the ownership of the assets that started in 2019 when authorities seized the mines.
After former President Edgar Lungu’s administration staged the seizure of the KCM assets and forced liquidation in May 2019, accusing the Indian business of failing to meet plans to invest in growing mining output, relations between Zambia and Vedanta, controlled by billionaire Anil Agarwal, deteriorated.
