Vedanta Resources set to invest $1.2 billion in South Africa
This will bring its total investments in African projects to $4 billion.
London-based oil-to-metals group Vedanta Resources has plans to invest $1.2 billion investment in its South African mining projects.
Vedanta executive chairman Anil Agarwal told TV channel ET Now that the firm is targeting an annual production of zinc of two million tonnes across its global operations. As part of this target, it aims to expand its zinc operations in Africa.
However, Anil did not elaborate on a timeline for these investments.
According to a report by Mining Technology, Anil along with Vedanta CEO Srinivasan Venkatakrishnan and Vedanta Zinc International CEO Deshnee Naidoo, are part of the business delegation accompanying South African President Cyril Ramaphosa on his current trip to India.
“The company has already invested $400 million in South Africa, bringing its total investments in African projects to $4 billion.”
Following its acquisition of the undeveloped asset from Anglo American in 2011, Vedanta commenced work at Gamsberg in South Africa in mid-2016, according to Mining Technology.
In late 2018, the mine had begun generating zinc concentrate.