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Indian company Sesa Sterlite has announced that it will invest US$782mn over the next three years to develop zinc deposits in southern Africa
Sesa Sterlite, a subsidiary of UK-based Vedanta Resources, in a statement said it would spend about US$630mn to develop an open-pit zinc mine and associated infrastructure at Gamsberg, Northern Province in South Africa.
Sesa Sterlite will also invest US$152mn to convert a refinery at the Skorpion mine in Namibia, which will enable the company to refine zinc concentrates from Gamsberg into special high grade metal, the statement added.
Tom Albanese, CEO of Sesa Sterlite, said, “The output from Gamsberg, where first ore is likely to be produced in 2017-18, along with the upgradation of the refinery in Namibia will help the company make up for loss of volume resulting from the end of life of the Lisheen mine in Ireland.”
The open-pit zinc mine at Gamsberg will create 1,500 jobs during construction and 500 permanent positions, noted Albanese.