Sesa Sterlite To Invest $782 Million To Tap Undeveloped Zinc Deposits In Africa

Sesa Sterlite Ltd has announced to invest $782 million in southern Africa in the next three years to exploit the region's undeveloped deposits of zinc. This would help the company compensate for the decline in production at its mine in Ireland.

The company will spend $630 million to develop an open-pit zinc mine and the related infrastructure at Gamsberg, South Africa. "The Gamsberg-Skorpion Integrated Zinc Project is central to Vedanta's long term aspirations for Southern Africa," Sterlite’s Chief Executive Tom Albanese said.

Albanese also said output from Gamsberg, where ore is expected to be produced in 2017-18, will help the company offset the reduction in production at its Ireland mine.

“The Gamsberg project, which will be operated by the company's majority-owned Black Mountain Mining unit, will create 1,500 jobs during construction and 500 permanent positions,” Sesa said.