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Vedanta has announced that it has reached an “advanced stage” of a deal with the Zambian government over the assets of Konkola Copper Mines which have been in provisional liquidation for roughly four years. Vedanta, who owns 79.4% of Konkola, was engaged in legal battles with the Zambian government since Konkola’s assets were placed in provisional liquidation in 2019, which caused Konkola’s output to fall. It has now pledged to invest $1bn in Konkola to double annual integrated production to 100,000 tons of copper, with a potential to further double this amount over the medium term. Zambian Mines Minister Paul Kabuwe said that one undisclosed matter is left to be settled before an agreement is made, and implied that the agreement is likely to be made within days.
Vedanta’s dollar bond prices have slid 5-8% over the past week. Its 6.125% 2024s have fallen 7% since last week and are currently trading at 66.4 cents on the dollar.
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