{"id":45442,"date":"2023-07-18T12:00:39","date_gmt":"2023-07-18T12:00:39","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/vedanta-in-advanced-stage-to-take-over-kcm"},"modified":"2023-07-18T12:23:56","modified_gmt":"2023-07-18T12:23:56","slug":"vedanta-in-advanced-stage-to-take-over-kcm","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/vedanta-in-advanced-stage-to-take-over-kcm","title":{"rendered":"Vedanta in advanced stage to take over KCM"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Vedanta Resources, owned by Indian billionaire Anil Agarwal, said it has reached an \u201cadvanced stage\u201d of executing agreements with the Zambian government over Konkola Copper Mines Plc assets that have been in provisional liquidation for about four years.<\/p>\n

\u201cVedanta is alive to the fact that the talks have taken a little longer than initially anticipated,\u201d it said in a statement on Sunday. \u201cThe company is firmly committed to the process.\u201d<\/p>\n

The Zambian government placed Konkola, of which Vedanta owns 79.4%, into provisional liquidation in 2019, and since then has been locked in legal battles with the company over the asset. The dispute has caused output to plunge.<\/p>\n

Vedanta has pledged to invest $1 billion in the assets to double annual integrated production to 100,000 tons of copper, with the potential to 200,000 tons in the medium term.<\/p>\n

Separately, Konkola struck a deal with Copperbelt Energy Corporation over a debt the mining company owed it.<\/p>\n

The agreement will see KCM paying the company $20 million in installments.<\/p>\n

There\u2019s one matter left to agree on before reaching a deal with Vedanta, Zambian Mines Minister Paul Kabuswe told reporters on Friday, without saying what it was. \u201cWe are counting days, it\u2019s no longer months,\u201d he said in Lusaka.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Vedanta Resources, owned by Indian billionaire Anil Agarwal, said it has reached an \u201cadvanced stage\u201d of executing agreements with the Zambian government over Konkola Copper Mines Plc assets that have been in provisional liquidation for about four years. \u201cVedanta is alive to the fact that the talks have taken a little longer […]<\/p>\n","protected":false},"author":84,"featured_media":45441,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,235,233],"class_list":["post-45442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nVedanta in advanced stage to take over KCM - Zambia<\/title>\n<meta name=\"description\" content=\"Vedanta Resources, owned by Indian billionaire Anil Agarwal, said it has reached an \u201cadvanced stage\u201d of executing agreem ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/vedanta-in-advanced-stage-to-take-over-kcm\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vedanta in advanced stage to take over KCM\" \/>\n<meta property=\"og:description\" content=\"Vedanta Resources, owned by Indian billionaire Anil Agarwal, said it has reached an \u201cadvanced stage\u201d of executing agreem ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/vedanta-in-advanced-stage-to-take-over-kcm\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-18T12:00:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-18T12:23:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/07\/sm_1689666777.204063.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/vedanta-in-advanced-stage-to-take-over-kcm#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/vedanta-in-advanced-stage-to-take-over-kcm\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Vedanta in advanced stage to take over KCM\",\"datePublished\":\"2023-07-18T12:00:39+00:00\",\"dateModified\":\"2023-07-18T12:23:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/vedanta-in-advanced-stage-to-take-over-kcm\"},\"wordCount\":221,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/vedanta-in-advanced-stage-to-take-over-kcm#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/07\/sm_1689666777.204063.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/vedanta-in-advanced-stage-to-take-over-kcm#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/vedanta-in-advanced-stage-to-take-over-kcm\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/vedanta-in-advanced-stage-to-take-over-kcm\",\"name\":\"Vedanta in advanced stage to take over KCM - 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