The company also said is ready to shut Caledonia mine mid-next year if it has not found a strategic partner ready to buy a 20 to 40% stake in the project.
Vedanta Resources said Thursday its Zambian subsidiary KCM plans to set up new copper smelter, cobalt refinery and more under a $1 bln investment programme.
After pumping billions into the Indonesian mine for almost 25 years, Rio might be able to see a decent return as the country’s government plans to acquire the miner’s 40% stake in the coveted operation.
