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Vedanta Resources is open to dialogue with the Zambian government but will defend its legal rights and opposes the appointment of a provisional liquidator at its Konkola Copper Mines business, the company's CEO said on Monday. A court hearing involving Vedanta and Zambia over the control of KCM was adjourned on Friday until June 4. The government is pressing for the liquidation of KCM, which it has accused of breaching its operating licence, in a case that has stoked broader concerns among international miners about a rise in resource nationalism.
(Reuters) - Miner Vedanta Resources said on Friday it had raised $1 billion (£765.5 million) through a bond issue and would use the proceeds to repay existing debt. The bonds, sold in two tranches, were ...
Lawyers for Vedanta Resources told England's Supreme Court on Tuesday that a case raised against the mining company by nearly 2,000 Zambian villagers should be heard in Zambia not London. India-listed Vedanta (VDAN.NS), which delisted from London last year but maintains a legal base in Britain, is appealing a lower court ruling that a case in which villagers alleged their land was polluted by a Vedanta unit could be heard in England. The two-day hearing will be watched by other multinational companies with a base in London and facing legal challenges about their operations abroad from local residents.
India's Vedanta Resources (VDNRF.PK) wants U.S. oilfield services companies to set up consortia to help develop the 41 blocks in India acquired this year by its Cairn Oil & Gas unit, the company's chairman said on Thursday. Vedanta Chairman Anil Agarwal and Cairn Chief Executive Sudhir Mathur met with executives from 70 services companies this week in Houston to encourage the firms to organise consortia to compete for contracts, Agarwal said in a briefing.
Power supply to some mines in Africa's second-biggest copper producer was cut due to a technical fault, Zambian state power firm Zesco said on Friday. A spokesman for Luanshya Copper Mine owned by China Nonferrous Metals Mining Corporation (CNMC) said the company expected to lose about four hours of production. Industry sources said Konkola Copper Mines(KCM) owned by Vedanta Resources shut down all its operations except its smelter and the Konkola Deep Mine during the blackout.
The Indian unit of diversified mining group Vedanta Resources has been mired in disputes regarding its Tuticorin copper smelter in the southern state of Tamil Nadu after a protest to shut the plant on environmental concerns turned violent, killing 13 people. Vedanta said its net profit attributable for July-September totalled 13.43 billion rupees ($182 million).
Zambia's Finance Ministry said on Sunday that it was open to dialogue with mining companies over the government's plans to increase mining taxes. Africa's second-largest copper producer said late last month that it would introduce new mining duties and increase royalties to help bring down mounting debt. "We remain open to dialogue with mining companies that are willing to amicably discuss the transition to the new mining tax regime," a Finance Ministry statement quoted minister Margaret Mwanakatwe as saying.
Shareholders in Vedanta Resources, the UK arm of Indian miner Vedanta, on Monday backed the delisting of the company from London, where the miner has faced protests and legal action. Volcan Investments, the family trust of Vedanta chairman and founder Anil Agarwal, announced a roughly $1 billion buyout offer for Vedanta Resources in July. On Monday, the cancellation of the listing was confirmed at a final London shareholders' meeting.
NEW DELHI/MUMBAI (Reuters) - India's Vedanta Ltd (VDAN.NS) is investing $4.1 billion to boost oil output from its flagship Barmer block in the desert state of Rajasthan to over 400,000 barrels per day (bpd) in 2021, its chairman Anil Agarwal said. Agarwal said oil output from the block would rise next year to more than 300,000 bpd from about 250,000 bpd currently. India, the world's third biggest oil importer, ships in 80 percent of its oil needs from overseas as its local output has stagnated for years.
Zambia will introduce new mining duties and increase royalties to help bring down mounting debt, the finance minister said on Friday, a move likely to draw opposition from mining firms. Miners such as First Quantum, Glencore and Vedanta Resources have often criticised the government over rising operating costs in Africa's No.2 copper producer. Finance Minister Margaret Mwanakatwe made the comments when announcing her 86.8 billion kwacha ($7.1 billion) budget to lawmakers as crowds gathered outside parliament to protest against what they said was corruption in government.
Zambia will introduce new mining duties and increase royalties to help bring down mounting debt, the finance minister said in a budget speech on Friday, as crowds outside protested about alleged government corruption. Delivering a 86.8 billion kwacha ($7.1 billion) budget in parliament, Margaret Mwanakatwe pledged to bring debt down and to trim the fiscal deficit to 6.5 percent of gross domestic product (GDP) in 2019 from 7.4 percent this year.