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LUSAKA, March 24 Indian mining company Vedanta
Resources said on Friday it will invest $1 billion in
its Zambian mining unit Konkola Copper Mines (KCM), creating
Vedanta announced the investment after a meeting between its
Chairman Anil Agrawal and Zambian President Edgar Lungu.
Vedanta has a majority stake in KCM and has said the mine
could produce copper for another 50 years.
Since 2004, KCM has invested almost $4 billion to upgrade
and expand. Vedanta did not say how much the additional $1
billion would expand production or by when.
Agrawal said he wanted KCM to be the biggest integrated
copper producer in Africa.
"The ramp up of Konkola is the centrepiece of my 50-year
vision for KCM. It's technically very challenging, because of
the massive amount of water we have to pump out of the mine, but
I’m determined to find technical solutions," Agrawal said in a
KCM is one of Zambia's largest mining firms and produced
168,923 tonnes of finished copper in the financial year ended
March 31, 2015, the latest available data.
(Reporting by Chris Mfula; Editing by Susan Fenton)