Anil Agarwal's Vedanta Resources to Regain Control of Konkola Copper Mine in Zambia After $250 Million Court Approval

Jun 29, 2024, 11:13 AM

Billionaire Anil Agarwal's Vedanta Resources is set to regain control of the Konkola copper mine in Zambia. The company has been trying to recover the asset since 2019. A court has approved a debt settlement plan, allowing Vedanta Resources to take back control of the mine. The Konkola copper project, a deep underground mine, has the capacity to produce 300,000 tons of copper annually. This victory for Agarwal comes with a $250 million price tag. Vedanta plans to ramp up output as the demand for copper is expected to surge in the coming years.