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Vedanta Resources to invest US$1B in Konkola Copper Mines

Vedanta Resources Plc will invest a further US$1 billion in its Zambian Konkola Copper Mines unit, with Chairman Anil Agarwal saying he wants the unit to be the biggest integrated copper producer in Africa, Reuters reported March 24.

The investment was announced after a meeting between Agarwal and Zambian President Edgar Lungu.

According to the report, the additional investment will create 7,000 jobs in the country, but Vedanta did not say how much or when the additional investment would increase production. The company previously noted that the unit's Konkola copper mine could produce copper for another 50 years.

"The ramp up of Konkola is the centerpiece of my 50-year vision for KCM. It's technically very challenging, because of the massive amount of water we have to pump out of the mine, but I'm determined to find technical solutions," the chairman said.