Vedanta pays $246 million to regain Zambia copper mines
The metals and energy major plans to ramp up copper production from the mines to 300,000 tons a year and cobalt output to 6,000 tons.
Water pond.
Polish KGHM, the world’s eighth largest copper producer, announced it has completed a 142 kilometres seawater pipeline to supply its 55%-owned Sierra Gorda copper/molybdenum project in northern Chile.
The open-pit mine, still under construction, is considered the world’s seventh largest copper development and, according to KGHM is on track to begin production in the second half of this year.
KGHM became the majority holder in Sierra Gorda shortly after buying Canada’s Quadra FNX Mining Ltd. in 2012. The $3 billion acquisition is expected to generate 220,000 tons of copper a year.
Japanese Sumitomo Metal Mining and Sumitomo Corporation own the rest of the mine with a 31.5% and 13.5% stake respectively.
Image courtesy of KGHM.
