Vedanta’s Anil Agarwal agrees to pay Zambian creditors
Live MintVedanta Resources Ltd. has agreed to pay $250 million owed to its creditors in Zambia after it resumes control of the copper mines that were seized by former President Edgar Lungu's administration in 2019. Vedanta Resources Limited founder Anil Agarwal has vowed to invest $1 billion in Konkola, leading to more than double copper production from the plant. First Quantum Minerals Ltd. copper mines in the country produced 390,000 tons last year. In an interaction with Bloomberg, Agarwal noted that the plan for paying all creditors is “to make sure I win the hearts of the people,” and “Money will never be a constraint.” While praising South Africa, Agarwal said “Africa is my heart…If I have to marry two wives, one will be India, one will be Africa.” Vedanta, India’s biggest mining company, produces metals from aluminum to zinc.
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