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Anil Agarwal’s Vedanta to regain control over Zambian copper mines

Livemint

Livemint · 1y ago

Anil Agarwal’s Vedanta to regain control over Zambian copper mines

Vedanta Resources has resolved a four-year legal dispute with the Zambian government over the Konkola Copper Mines (KCM). The Zambian government had previously placed KCM under provisional liquidation in 2019, accusing Vedanta of dishonesty. As part of the resolution, Vedanta will regain control of KCM and invest $1 billion over five years for expansion. Vedanta will also pay $250 million to local creditors, allocate $20 million annually for local communities, increase worker salaries by 20%, and provide a one-off payment to employees. The deal is expected to revitalize Zambia's copper industry.

Related News

Vedanta's Anil Agarwal agrees to pay Zambian creditors

Livemint

Livemint · 2y ago

Vedanta's Anil Agarwal agrees to pay Zambian creditors

Vedanta Resources will pay $250 million to Zambian creditors as it regains control of seized copper mines. Zambia's past administration alleged tax issues, but current President Hakainde Hichilema seeks amicable resolution. Vedanta founder Anil Agarwal plans $1 billion investment to boost copper production, aiding Zambia's clean energy transition and tax revenue.

Vedanta raises $250 million to settle Zambian copper mine debts, plans to sell 30% stake: Report | Mint

Livemint

Livemint · 1y ago

Vedanta raises $250 million to settle Zambian copper mine debts, plans to sell 30% stake: Report | Mint

Vedanta Resources has secured the funds needed to pay off the creditors of its Zambian copper mine, Konkola Copper Mines (KCM). The company, led by billionaire Anil Agarwal, will have approximately $250 million to settle its debts. Vedanta regained control of KCM last year after a five-year battle with the Zambian government. The company still needs to raise an additional $1 billion to revive mining operations and invest in the Konkola Deep Mining Project. Vedanta may sell a 30% stake in KCM to raise capital, while the Zambian government owns a 20% stake in the mine.

Vedanta in talks with IHC unit, investors for Zambian copper stake sale

VCCircle

VCCircle · 1y ago

Vedanta in talks with IHC unit, investors for Zambian copper stake sale

Vedanta Resources, owned by Indian billionaire Anil Agarwal, is in talks with investors, including International Resources Holding (IRH), to sell a stake in its Zambian copper assets. IRH, a unit of UAE's International Holding Company, is conducting due diligence on acquiring a stake in Konkola Copper Mines (KCM). Vedanta wants the funds to revive operations and boost copper output. While IRH has shown interest in acquiring more than a 30% stake, negotiations are ongoing. Other long-term investors are also exploring investment opportunities in KCM. Vedanta aims to gradually increase copper output at the Konkola mines over the next five years.

Vedanta settles dues worth $246 million to regain control of Zambia copper mine

Livemint

Livemint · 1y ago

Vedanta settles dues worth $246 million to regain control of Zambia copper mine

Vedanta Resources Holding Ltd is set to regain control of the Konkola copper mine in Zambia after settling outstanding dues of nearly $246 million. The mine, which was pushed into liquidation by the Zambian government in 2019, holds significant deposits of high-grade copper and is among the top cobalt producers in the world. Vedanta plans to increase copper production to 300 thousand tonnes per annum and boost cobalt production from 1 thousand tonnes per annum to 6 thousand tonnes per annum. The company aims to meet growing demand for copper, especially in India, and strengthen economic ties between the two countries.

Vedanta’s ‘gold mine’ in Zambia may soon be on Wall Street. Here's what is planned

Business Today

Business Today · 3m ago

Vedanta’s ‘gold mine’ in Zambia may soon be on Wall Street. Here's what is planned

Vedanta Resources is considering listing its Zambian asset, Konkola Copper Mines (KCM), on US stock exchanges. This move is part of the company's broader strategy to raise capital. The listing could allow Vedanta to tap into US financial markets and attract significant investment. The exploration of a US listing reflects Vedanta's strategic efforts to optimize asset value and bolster financial resources, enhancing its position in the global mining sector.

Abu Dhabi's IHC arm offers to acquire Vedanta Resources' Zambian copper business

VCCircle

VCCircle · 1y ago

Abu Dhabi's IHC arm offers to acquire Vedanta Resources' Zambian copper business

Abu Dhabi's International Resources Holding (IRH) has made an offer of over $1bn to acquire a 51% stake in Vedanta Resources' Zambian copper assets. IRH aims to expand its copper mining business in Africa and is already planning to bid for a stake in Lubambe Copper Mine. The offer is non-binding and talks are ongoing, with Vedanta potentially reluctant to give up a majority interest. UAE and Saudi Arabia aim to secure metal supplies from Africa to participate in the green energy transition.

Vedanta Chairman Anil Agarwal welcomes AI integration, calls it a tool to amplify human potential

Business Today

Business Today · 4m ago

Vedanta Chairman Anil Agarwal welcomes AI integration, calls it a tool to amplify human potential

Vedanta Chairman Anil Agarwal emphasizes AI's role in enhancing human potential, integrating it into daily operations. He believes humans should determine objectives while technology handles execution. The AI market is projected to reach $250 billion by 2025. Agarwal also identifies a significant opportunity for Indian entrepreneurs and investors in the copper sector, dubbing copper the "new super metal" crucial for advancing technology and infrastructure. This strategic focus highlights Vedanta's commitment to innovation and growth.

De Beers draws interest from billionaire Anil Agarwal, Qatari funds

VCCircle

VCCircle · 2m ago

De Beers draws interest from billionaire Anil Agarwal, Qatari funds

De Beers, the renowned diamond company, has attracted interest from six consortia, including billionaire Anil Agarwal, Indian diamond firms, and Qatari investment funds. Anglo American is divesting from De Beers to focus on copper and iron ore, amidst declining global diamond prices. Anil Agarwal's group includes Vedanta Resources. Indian companies like KGK Group and Kapu Gems are also interested. Anglo American values De Beers at $4.9 billion and has enlisted financial advisors for a sale or demerger.

Tamil Nadu to SC: Vedanta’s Sterlite Copper not a national asset

Livemint

Livemint · 1y ago

Tamil Nadu to SC: Vedanta’s Sterlite Copper not a national asset

The Tamil Nadu government has stated that Vedanta Ltd's Sterlite Copper plant should not be considered a national asset and argued that Adani Group's upcoming copper smelter plant in Gujarat can fulfill India's copper demand. The Sterlite Copper plant, which was shut down in 2018 due to protests, contributed to 40% of India's copper demand. The state government opposed reopening the plant, citing allegations of pollution and stating that the closure has not caused any economic loss to the region. Vedanta, however, expressed its willingness to form a committee and abide by its recommendations for reopening the plant.

Vedanta eyes $2 billion copper project investments in Saudi Arabia | Company Business News

Livemint

Livemint · 9m ago

Vedanta eyes $2 billion copper project investments in Saudi Arabia | Company Business News

Mining company Vedanta Ltd. plans to invest $2 billion in significant copper projects in Saudi Arabia. The company's subsidiary, Vedanta Copper International, has signed an agreement with the Saudi Arabian Ministry of Investment and Ministry of Industries & Mineral Resources to establish a greenfield copper smelter and refinery and a copper rod project. The investment supports Saudi Arabia's Vision 2030, which aims to increase the minerals sector's GDP contribution and tap into $1.3 trillion worth of mineral resources. Vedanta's projects will contribute to job creation and downstream industry development, while also boosting the nation's GDP by $19 billion.

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