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Vedanta Resources Ltd. is close to taking back control of the Konkola copper mine in Zambia and plans to quickly ramp up output as demand is expected to surge in the coming years.
Copper is used in everything from power grids to electric vehicles and in data centers driving the AI revolution. Bullish sentiment about future demand as the world electrifies sent prices to a record last month and analysts expect supplies to trail demand for years. But before Vedanta can return to Konkola, a Zambian court needs to approve the deal backed by creditors which – if sanctioned – would require Vedanta to release the $250 million to settle some debts accrued since the liquidator was appointed. Outstanding obligations to suppliers will be paid when the project is profitable.“The money is ready to flow,” Griffith said, adding it would be “premature” to specify how his firm is raising the funds.
The company is looking to sell a minority stake in Konkola to finance the development. International Resources Holding – the mining unit of Abu Dhabi’s largest listed company which recently acquired another large Zambian copper project – is one of the firms that has had discussions about acquiring shares, Griffith said.
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