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Vedanta Chairman plans to boost Zambian copper mine output

IANS  |  New Delhi 

Natural resources Vedanta has said it will invest around $700 million to boost production from the Copper Mines (KCM) in Zambia, following the company's previous injection of $300 million as part of the pledge made last year of $1 billion of fresh investments.

According to a Vedanta statement here on Thursday, these investment plans for its Zambian subsidiary were announced by during a two-day visit to Zambia, where he also attended the India-Business forum held in

Agarwal said Vedanta is fully committed to supporting KCM's plans to increase production to 400,000 metric tonnes per annum in the next few years.

The told reporters on the sidelines of the business forum that will construct a new cobalt refinery, a coal-fired power plant, a training school for upskilling local talent and continue to invest in local communities in the areas of education, health, sport, poverty eradication and sustainable livelihoods.

"I was eager to come to almost 15 years ago at a time when was facing a lot of challenges. We have now created a strong position for after investing over $3 billion. Last year, I pledged to invest an extra $1 billion," a statement cited Agarwal as saying.

Referring to the decision by multinational Anglo American, in which Agarwal has become the biggest individual shareholder, to remain in South Africa, he said the country had become another attractive destination for foreign direct investment in view the business friendly disposition of its new

"Anglo is very much a part of South and they should be proud to remain there. I am happy that they have changed their mind about selling all their assets in South All this, I am sure, is because investor confidence has picked up in the wake of Ramaphosa's election," he said.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 12 2018. 22:44 IST