Home Mining Troubled Zambian copper mine returned to Vedanta

Troubled Zambian copper mine returned to Vedanta

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Zambia’s government has handed back a troubled copper mine to its original owners, Vedanta Resources.
Konkola Copper Mines (KCM) was placed under liquidation in 2019 after former President Edgar Lungu accused it of failing to meet its obligations.
The action led to a protracted legal dispute as Zambia failed to find new investors for the operation.
Mines Minister Paul Kabuswe now says Vedanta is back and the company had committed to invest $1bn (£796m) to develop the mine.
Another $250m would be put towards the payment of all local creditors, a Vedanta executive said.
Added to this $20m would be invested in the local community in the Copperbelt every year, he said.

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