Vedanta Resources Ltd.'s Zambian copper mine plans to renovate its smelter to boost production.
Konkola Copper Mines (KCM) said on Wednesday that the smelter would undergo a "complete shutdown and renovation" to "restore structural integrity and improve efficiency." Although the company aims to achieve a production target of 300,000 mt by the early next decade, last year's production fell short of 10% of that goal.
Vedanta regained control of KCM about a year ago after resolving a long-standing dispute with the Zambian authorities.
Since retaking control, the company has injected over $400 million into KCM, including $250 million for debt repayment and $124 million in installments. Most of the funds will be used to complete underground mining operations at Konkola.
As Africa's second-largest copper producer, Zambia exempted 255,000 mt of copper concentrates from export taxes last month, partly due to KCM's smelter being unable to process the material.
(Comprehensive report from Wenhua)
