Vedanta group takes control of Zambian copper mines
COAL & MINING

Vedanta group takes control of Zambian copper mines

UK-based Vedanta Resources, the parent company of India's Vedanta Ltd, announced that it regained control of its Konkola copper mines (KCM) in Zambia after settling dues amounting to $245.75 million. The company, owned by billionaire Anil Agarwal, had initially regained control of the copper mines and smelter in November 2023, following their seizure by the Zambian administration in 2019, but needed to pay the mines' creditors to restart operations.

Vedanta Resources secured control of KCM's assets after a five-year legal battle, which began when former Zambian President Edgar Lungu accused the company of failing to invest adequately in the operations.

Despite regaining control, Vedanta Resources still needs to raise an additional $1 billion to revive KCM's mining operations and invest in advancing the Konkola deep mining project, which contains some of the world's richest copper deposits, according to a Reuters report from early July.

The Zambian government owns a 20% stake in KCM through ZCCM, a mining investment company, while Vedanta Resources holds the remaining ownership.

Additionally, Anil Agarwal stated last month that Vedanta Resources plans to reduce its debt by $3 billion over the next three years, as the company faces mounting debt and multiple rating downgrades since the previous year.

UK-based Vedanta Resources, the parent company of India's Vedanta Ltd, announced that it regained control of its Konkola copper mines (KCM) in Zambia after settling dues amounting to $245.75 million. The company, owned by billionaire Anil Agarwal, had initially regained control of the copper mines and smelter in November 2023, following their seizure by the Zambian administration in 2019, but needed to pay the mines' creditors to restart operations. Vedanta Resources secured control of KCM's assets after a five-year legal battle, which began when former Zambian President Edgar Lungu accused the company of failing to invest adequately in the operations. Despite regaining control, Vedanta Resources still needs to raise an additional $1 billion to revive KCM's mining operations and invest in advancing the Konkola deep mining project, which contains some of the world's richest copper deposits, according to a Reuters report from early July. The Zambian government owns a 20% stake in KCM through ZCCM, a mining investment company, while Vedanta Resources holds the remaining ownership. Additionally, Anil Agarwal stated last month that Vedanta Resources plans to reduce its debt by $3 billion over the next three years, as the company faces mounting debt and multiple rating downgrades since the previous year.

Next Story
Infrastructure Urban

Andhra Pradesh to Develop 30,000 Women-Led Enterprises by 2025

The Municipal Administration and Urban Development (MAUD) Department is accelerating efforts to create sustainable livelihoods for women in urban areas, in line with Chief Minister Nara Chandrababu Naidu’s goal of fostering one lakh women entrepreneurs by 2025. Under this initiative, the MAUD Department has set a target to establish 30,000 women-led enterprises across towns and cities in Andhra Pradesh. To support this vision, the department plans to establish Micro, Small & Medium Enterprises (MSMEs) for women in TIDCO housing complexes. Vacant plots across 163 colonies have been earmarked ..

Next Story
Infrastructure Energy

G Kishan Reddy discusses mining expansion, clearances with Chhattisgarh CM

Coal and Mines Minister G Kishan Reddy met Chhattisgarh CM Vishnu Deo Sai on Friday to expedite land acquisition and environmental clearances for mining projects. Reddy, who was on a two-day visit to review operations at South Eastern Coalfields Ltd (SECL), discussed measures to boost mining-led economic growth in the state. Key topics included speeding up land acquisition for mine expansions, obtaining quicker environmental approvals, and setting up integrated rehabilitation and resettlement sites. The minister also highlighted the importance of developing critical minerals in the region, alo..

Next Story
Infrastructure Urban

NITI Aayog's Vision for India's Auto Industry

NITI Aayog has launched the report titled "Automotive Industry: Powering India’s Participation in Global Value Chains," offering a roadmap for the country’s automotive future. Released by Shri Suman Bery, Vice Chairman, the report outlines key strategies to grow India’s automotive sector to $145 bn in component production by 2030. India is currently the fourth-largest automobile producer globally, but with only a modest three per cent share in the global automotive component market. The report emphasises the need to strengthen India’s position through competitive manufacturing, skill d..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?