Sterlite to buy Zambian mining major

摘要

Sterlite Industries is in the process of buying a majority stake in Konkola Copper Mines (KCM), an integrated copper mine in Zambia. Sterlite has been selected as the 'preferred bidder' from among four companies, and negotiations will soon be held to decide the price for a 51 percent stake, sources said. The Indian copper company has offered to subscribe for 51 percent stake in KCM, the country's largest mining company, by issuing fresh equity and injecting fresh funds directly, Zambian information minister Newstead Zimba is reported to have said. KCM is an integrated copper mine-cum-smelter facility with a capacity of 200,000 tons. If the purchase comes through, this will be the company's second overseas acquisition of a copper mine.