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Vedanta Resources Ltd. has paid about $246 million to creditors to regain control of the Konkola Copper Mines in Zambia after about five years.
The metals and energy major plans to ramp up copper production from the mines to 300,000 tons a year and cobalt output to 6,000 tons. Vedanta will turnaround the mines soon “as a world-class copper and cobalt asset that is well equipped with a smelter and a robust tailings leaching plant,” Chris Griffith, chief executive officer of Vedanta Base Metals, said in the statement.
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