New Delhi, Apr 12 (PTI) NRI billionaire Anil Agarwal-led Vedanta Resources today said it will invest USD 700 million in Zambian subsidiary Konkola Copper Mines (KCM) to increase production level to 400,000 tonnes per annum.

“Vedanta is fully committed to supporting KCM’s plans to increase production to 400,000 metric tonnes per annum in the next few years,” Vedanta Resources said in a statement.

The growth will be driven by an injection of USD 700 million, following Vedanta’s previous injection of USD 3 billion, the statement said.

Under the expansion plan, KCM will construct a new cobalt refinery and a coal-fired power plant, and would also invest in local communities in areas of education, health, sport and poverty eradication and sustainable livelihoods, Agarwal, who was in the African country to attend the India-Zambia Business forum said.

“We are targeting strong growth for KCM in the years ahead. Agarwal said.

Zambia remains one of Africa’s preferred investment destinations and that further improvements to investment climate, stability in the tax regime and affordable power would attract still more foreign direct investment to the country.

This is published unedited from the PTI feed.