Anil Agarwal-promoted Vedanta Resources on Tuesday said its acquisition of Konkola Copper Mines in Zambia is complete, making it the fifth largest producer of refined copper in the world.
"Along with the production capacity of Sterlite, the acquisition of one of the world's largest copper mines makes us the fifth largest producer of refined copper globally, Naveen Agarwal, Chairman of KCM (Konkola Copper Mines), told PTI.
He said with 51 per cent stake in the company that contributes 15 per cent of the African country's GDP, Vedanta has gained full control of management as well as operations.
Asserting the management of the newly acquired company would remain 'by and large' the same, Agarwal, who is also the chairman of the Sterlite Group, said the thrust now would be increasing output and efficiency along with value addition.
Vedanta, listed on the London Stock Exchange, has also set a target of 250,000 tonnes annually from the current production of 190,000 tonnes, Agarwal added.
"The acquisition is a major achievement for us as an Indian company. The copper available there is high grade. The Zambian venture is a long-term investment for us," he said.
The acquisition took place for a cash consideration of $48.2 million and received the approval of the shareholders of Zambia Copper Investments, holding 58 per cent of KCM before the takeover.
The Zambian government holds about 21 per cent of the total equity in KCM, Agarwal said.
KCM consists of three mines, a leaching plant and a smelter. It is an underground operation with reserves of 21 million tonne at 3.4 per cent copper. Nchanga mine has both an open-pit and underground mine.
The leaching plant at Nchanga has a capacity of 100,000 tonnes per annum (TPA), while the Nkana smelter and refinery has a capacity of 180,000 TPA.
