Vedanta to invest $1 bn in Zambian copper mine

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LUSAKA: Indian mining company Vedanta Resources said on Friday it will invest $1 billion in Zambia’s Konkola Copper Mines (KCM), which it sees having the potential to produce the metal for another 50 years.

Vedanta has a majority stake in KCM.

The investment, which is expected to create 7,000 jobs, was announced after a meeting between Zambian President Edgar Lungu and Vedanta’s Chairman Anil Agrawal.