Vedanta to complete Gamsberg zinc project phase 1 by 2017-18.

As the global zinc market faces capacity constraints, Vedanta Resources has set a deadline of 2017-18 for completing the first phase of its Gamsberg project with USD 630 million investment.

'In zinc business, there is a capacity constraint coming in the next 3-5 years. We have committed USD 630 million for the phase 1 of the Gamsberg development project. This will be completed by 2017-2018,' Vedanta Group's CEO Base Metals (Africa, Ireland and Australia) Kishore Kumar told PTI.

Vedanta Resources had bought the Gamsberg deposit and Skorpion mine in Namibia from Anglo American Plc as a part of a package of zinc assets in 2010 for about USD 1.3 billion.

The mine, which is the biggest known undeveloped zinc deposit in the world, has around 215 MT of zinc deposits. The company plans to develop 50 MT in the first phase, which is a little more than 25 per cent.

The project would also be a very big support to Vedanta's own businesses because some of its mines like Lisheen mine in Ireland would be closed down by 2015-2016 and the Skorpion mine in Namibia would also be shut in 2018-19.

ET