ZAMBIA MINE
Court approves billionaire Agarwal’s plan to reclaim Zambia mine
A court in Zambia sanctioned a plan for Vedanta Resources Ltd. to regain control of the Konkola copper project by settling debts owed to creditors. The company needs to release $250 million to settle debts and has committed to investing $1 billion for expansion projects.
Coal India, NMDC exploring lithium mines overseas
State-run miners Coal India and NMDC are venturing into lithium mines in Chile and Australia, aiming to secure critical minerals. India's Mines Ministry encourages state-owned firms like ONGC Videsh to explore overseas. Delegations will visit Zambia and Congo for joint exploration. India eyes trade pacts for access to critical minerals globally, including with Chile and Mongolia.
Half of all copper mining is at drought risk with climate change
Copper has rallied in recent months to surpass $10,000 a metric ton, fueled by bets on looming shortages as mines struggle to meet rising demand from electric vehicles, grid infrastructure and data centers.
UAE giant eyes majority stake in Vedanta's Zambian mines in expansion drive
Vedanta wants to sell part of its 80% stake in KCM and has hired Standard Chartered to manage the process in an effort to raise capital to revive the assets, which were nearly paralysed in an ownership dispute with the government that erupted in 2019 when the then-administration seized them. The deals spree is part of a push by oil-rich United Arab Emirates (UAE) and Saudi Arabia to secure critical metal supplies from Africa, a move that could also help them participate in the transition to green energy.
India looking at Africa for critical minerals, says mines secretary
India is exploring Africa for minerals like cobalt and engaging with Australia for lithium blocks. V L Kantha Rao, Mines Secretary, highlighted the country's interest in Zambia, Namibia, Congo, Ghana, and Mozambique for critical minerals. The rules for auctioning offshore mineral blocks are being prepared, with 10 blocks set for sale after the elections. The first round of auction for critical minerals will soon conclude, while a lithium block in Jammu and Kashmir will be auctioned in the third tranche due to low bids.
Vedanta weighs minority stake sale in Zambian copper assets to reboot mines
Vedanta Base Metals CEO Chris Griffith said on Wednesday the company is talking to a range of financing partners to raise money for a restart of its Konkola Copper Mines unit in Zambia, including the sale of a minority stake in KCM.
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Billionaire-owned Vedanta seals Zambian copper assets deal
Vedanta Resources and the Zambian government signed an agreement that restores the Indian company's ownership of Konkola Copper Mines (KCM). The agreement will lead to the re-appointment of the KCM board and the withdrawal of all legal challenges that are in court, including removing a provisional liquidator who was in charge of the assets.
Anil Agarwal talks of moving Konkola Copper Mines to Vedanta Ltd at 'right valuation'
The Zambian government, which owns a 20 per cent stake in KCM, will allow Vedanta to resume control and operate KCM's mines and smelter after the company renewed a pledge to invest more than USD 1.2 billion to increase output and repay outstanding debts.
Zambia agrees to hand disputed copper assets back to Vedanta
Zambia has agreed to return control of Konkola Copper Mines (KCM) to Vedanta Resources, ending a dispute that began in 2019 when the government seized the mines. Vedanta has pledged to invest over $1.2 billion to increase output and repay outstanding debts. A shareholders' agreement is being revised to make the commitments legally binding. The agreement comes after both parties abandoned court challenges and opted for negotiations
Anil Agarwal pledges to pay Zambia creditors $250 million before retaking mine
Vedanta Resources plans to pay the $250 million it owes to suppliers in Zambia once it regains control of the copper mines that were seized by the government over four years ago. The company's founder, Anil Agarwal, has also pledged to invest $1 billion in the mines and double copper production. Zambia relies on copper for about 70% of its export earnings, and increasing output at the mines will help boost tax revenues.
Vedanta step closer to regain control over Zambia copper assets
The Zambian government placed Konkola Copper Mines Plc, 79.4% owned by Vedanta, into provisional liquidation in 2019, and has since been locked in legal battles with the company over the asset. Former President Edgar Lungu accused the company of lying about profits and expansion plans, before declaring “divorce” with Vedanta and moving to liquidate Konkola.
Arbitration hearing set for January in Vedanta-Zambia dispute
Zambia in May 2019 handed control of Konkola Copper Mines (KCM) to a state-appointed provisional liquidator, triggering a legal battle with its previous owner, India-listed Vedanta , with arguments heard in Zambia and South Africa.
China expands defence supplies with African states
According to Boston University’s Global Development Centre, China signed 27 loan deals with eight African countries worth $3.5 billion between 2000 and 2020 for defence spending. Most of this was spent to purchase military aircraft, equipment and training and for building housing units for the military and police.
Tata Power has no plan to divest stake in coal mines in next one year: Praveer Sinha
“Energy prices have gone up because of the Russia-Ukraine war and the shortage of supply. So one has to look at it from a very long-term perspective. We have plans to move away from coal over a period of time but this is not happening immediately. We have said we will become net zero by 2045. So we do have a very longish window during which we can exit out of the coal companies.”
Arbitral tribunal rules ZCCM breached dispute resolution provisions over Vedanta mines
Metals and mining firm Vedanta Resources held a 79.4 per cent stake in KCM while the Zambian government through its state mining investment firm ZCCM-IH holds the remaining 20.6 per cent.
In blow to Vedanta, Zambian court rules KCM liquidator to stay in post
The ruling is a blow to Vedanta, which has been locked in a legal battle since the Zambian government - which owns 20% of KCM through state mining investment firm ZCCM-IH - handed control of the business to a liquidator in May 2019.
Vedanta wins Zambian appeal in Konkola Copper Mines case
The ruling by the Court of Appeal represents a significant win for Vedanta, which is seeking the removal of the liquidator appointed by state mining investment firm ZCCM-IH - which owns 20% of KCM on the government's behalf - to run the company.
Chowgule and Company appoints Rajeev Bora as CEO of mining division
A veteran of the mining industry, Bora will be responsible for leading the group's renewed focus on mining and creating a large national footprint for the business, Chowgule and Company Pvt Ltd (CCPL) said in a release on Monday.
Diacolor acquires most-expensive Zambian emerald, unveils rare stone in New Delhi
The 5655-carat magnificent emerald was picked up for an undisclosed amount at the Gemfields auction.
Vedanta's Anil Agarwal wants Zambia govt to refund VAT dues, withdraw import tax; hopeful of resolution
Vedanta has taken the government of Zambia to international arbitration following the seizure of its Konkola Copper Mines, one of Africa's biggest copper producer.
Gemfields’ Kagem mine in Zambia discovers 5,655-carat emerald
Inkalamu was discovered at Kagem, the world’s largest emerald mine, which is 75% owned by the London-based company and 25% by the state-run Industrial Development Corporation of Zambia.
Vedanta pledges $700 million to the growth of Konkola Copper Mines, Zambia
Agarwal, on a two-day visit to Zambia, where he has attended the India-Zambia Business forum, said Vedanta was fully committed to supporting KCM’s plans.
UK court asks Vedanta to settle $100 mn dispute with Zambian
Konkola Copper Mines (KCM) is one of Zambia's largest copper producers and one of the largest private sector employers in the country.
RPT-Soccer-Second-chance Sundowns hit Club World Cup ahead of schedule
SOCCER-CLUB/MAMELODI (REPEAT):RPT-Soccer-Second-chance Sundowns hit Club World Cup ahead of schedule
Soccer-Second-chance Sundowns hit Club World Cup ahead of schedule
SOCCER-CLUB/MAMELODI:Soccer-Second-chance Sundowns hit Club World Cup ahead of schedule
Exports push, more private clients help explosives manufacturer Solar Industries to shine
Solar Industries, a Nagpur-based explosives manufacturer, has been able to maintain a compounded volume growth of 20% in the past five years as compared to an industry growth of 9%.
No immediate lay off in KCM Zambia, in touch with government: Vedanta
Vedanta had announced plans to retrench over 1,500 staff as mechanisation at its mines of KCM is complete and the company needs to optimise costs.
Vedanta Group inches closer towards Sesa Goa-Sterlite merger
The Vedanta group has moved closer towards the creation of a mega natural resources company with the High Court of Bombay at Goa approving the creation of Sesa Sterlite.
Hi-powered Zambian delegation visits Hindustan Zinc to discuss exchange of technology
The vice president of Zambia Dr. Guy Scott visited the facilities of Vedanta Group company Hindustan Zinc, one of largest integrated zinc producer.
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