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News on Medial
Mines Minister launches vision documents for Aluminium and Copper
Economic Times
·
2m ago
Medial
India aims to significantly increase domestic aluminium and copper production by 2047, as outlined in new vision documents shared by Union Coal and Mines Minister G Kishan Reddy. The Aluminium Vision Document targets a sixfold increase in output and expanding bauxite capacity. The Copper Vision aims to meet rising demand with plans for substantial refining capacity and enhanced recycling. Challenges include reliance on imports and securing supply chains, particularly for copper concentrate.
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Hindalco sees strong copper, aluminium demand in India in FY25
Money Control
·
1y ago
Medial
Aditya Birla Group-owned Hindalco Industries is optimistic about the demand for copper and aluminium in India. The company noted an increase in copper demand driven by household electrification, as well as sectors like construction, automotive, telecommunications, and consumer goods. Domestic market demand for refined copper rose by 15% YoY. The revenue from Hindalco's copper business in FY24 rose to Rs 49,321 crore. The aluminium business also saw positive numbers, with increased demand from sectors such as conductor cables, cookware, and automobiles. In Q4 FY24, Hindalco's consolidated net profit rose by 31.6% YoY to Rs 3,174 crore.
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Vedanta in talks with IHC unit, investors for Zambian copper stake sale
VCCircle
·
1y ago
Medial
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.
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Hindalco Q3 net jumps 71% as aluminium, copper biz shine
Livemint
·
1y ago
Medial
Hindalco Industries, the flagship company of the Aditya Birla group, reported a 71% increase in its consolidated net profit for the quarter ended December. The jump in profit was driven by strong performances in its aluminium and copper businesses. Earnings before interest, tax, depreciation, and amortization (EBITDA) for the copper business grew by 20%, while the aluminium upstream business saw a rise of 54% in EBITDA. Despite a 1% decline in revenue, Hindalco remained on its growth track with a strong performance and reduced production costs.
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Vedanta's Anil Agarwal agrees to pay Zambian creditors
Livemint
·
2y ago
Medial
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.
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Hindalco to invest Rs 45,000 Cr for aluminium, copper businesses over four years
YourStory
·
5m ago
Medial
Hindalco, part of the Aditya Birla Group, plans to invest ₹45,000 crore in aluminium, copper, and speciality alumina over the next three to four years, focusing on upstream operations. The initiative aims to enhance value-added products, doubling the downstream contribution to 30% of total profits. Funded by internal accruals, these efforts include renewable energy solutions and India's first Copper Foil facility for EVs, positioning Hindalco as a force for innovation and sustainability in various industrial sectors.
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Anil Agarwal’s Vedanta to regain control over Zambian copper mines
Livemint
·
2y ago
Medial
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.
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'Faster mining nods key to meet '30 aluminium goals'
Economic Times
·
2m ago
Medial
India's aluminium vision for 2030 demands faster mining approvals and local recycling. The plan targets 50 MTPA bauxite production by FY30 and 150 MTPA by FY47. Current bauxite production is stagnant, while aluminium demand and production grow. Industry leaders recommend accelerating mining operations in resource-rich states and expediting clearance processes. Enhanced exploration and consistent policies are essential to meet increasing domestic aluminium demand, which could double by 2030 and rise further by 2047.
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Vedanta raises $250 million to settle Zambian copper mine debts, plans to sell 30% stake: Report | Mint
Livemint
·
1y ago
Medial
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.
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Vedanta eyes $2 billion copper project investments in Saudi Arabia | Company Business News
Livemint
·
9m ago
Medial
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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Vedanta’s ‘gold mine’ in Zambia may soon be on Wall Street. Here's what is planned
Business Today
·
4m ago
Medial
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.
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