HomeBase MetalsVedanta to invest US$1 billion in Konkola

Vedanta to invest US$1 billion in Konkola

Konkola Copper Mines 
Lusaka, Zambia — MININGREVIEW.COM — 17 December 2010 – Konkola Copper Mines plc “’ the Zambian copper unit of Vedanta Resources plc “’ is planning to double output by 2012 and to invest US$1 billion (R6.8 billion) in expansion over the next three to four years.

“Konkola plans to produce 400 000tpa of copper by 2012,” CEO Kishore Kumar said here in an e-mailed statement.. The planned new investment follows the US$1.8 billion (R12.2 billion) of spending by the company since 2004, when Vedanta bought a 51% stake in Konkola.

Vedanta “’ controlled by billionaire Anil Agarwal “’ last month announced plans to list Konkola in London and Lusaka, raising US$1.1 billion (R7.5 billion) through an initial public offering in 2011. The funds would be used to pay debt and expand mines and exploration in Zambia.

Konkola produced 173000t of copper last year.

“This country has huge copper resources, and every part of Zambia is good for investments,” Kumar said. “We have an aggressive programme for exploration in the next 2 to 3 years.”