Vedanta Resources Secures $250M for KCM Debt Settlement

Vedanta Resources, led by Indian billionaire Anil Agarwal, has secured $250 million to pay off creditors of its Konkola Copper Mines (KCM) in Zambia, aiming to revive operations and settle debts after regaining control of the assets. The company also plans a 20% salary increase and a one-time payment for KCM workers. To fully restart operations and invest in the Konkola Deep Mining Project, Vedanta aims to raise an additional $1 billion and is considering various funding options, including debt or selling a stake in the mine. Talks to sell a stake to International Resources Holding failed, and the company holds discussions about potentially selling up to 30% of its KCM shares to boost copper production, while the Zambian government owns 20% through ZCCM-IH.