Vedanta Resources is prepared to pay $250 million owed to suppliers in Zambia before regaining ownership of copper mines seized by the government of Zambia more than four years ago.
In 2019, the previous government under President Edgar Lungu instructed the Konkola Copper Mines to undergo provisional liquidation.
They accused Vedanta, which is owned by Anil Agarwal, of providing false information about their development plans and not paying the appropriate amount of taxes.
A series of court cases occurred as a result, which ultimately led to the current president, Hakainde Hichilema, seeking a peaceful resolution.
Bloomberg quoted Agarwal, who seeks to lower the parent company's enormous debt burden, as saying that he intends to pay off all creditors to win the hearts of the people.
He also promised to invest $1 billion in Konkola and more than triple copper production from the plant.
Its mines produce approximately 50,000 metric tonnes of refined copper.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
