Vedanta Copper Mine

Vedanta Resources, led by Anil Agarwal, has settled $245.75 million in dues to regain control of Zambia's Konkola Copper Mines (KCM) after a five-year legal battle and seizure by the Zambian government in 2019. The company aims to raise an additional $1 billion to fully revive KCM's operations. Vedanta plans to increase copper production to 300 ktpa and cobalt production from 1ktpa to 6ktpa, highlighting the significance of copper supply given high demand. Anil Agarwal expressed intentions to reduce Vedanta Resources' debt by $3 billion over three years, addressing financial challenges and rating downgrades. The settlement with creditors positions Vedanta for the reinstatement of Konkola's board and complete management control, marking a significant development in the global copper mining industry.