VED.L - Vedanta Resources plc

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  • Reuters - UK Focus2 months ago

    EXPLAINER-Zambia's moves on Vedanta, KCM alarm mining industry

    LUSAKA/LONDON, May 31 - Zambia's decision to name a provisional liquidator to run Vedanta Resources' Konkola Copper Mines (KCM) business, one of the country's biggest employers, has rattled international miners concerned about rising resource nationalism. Vedanta, founded by Indian billionaire Anil Agarwal, is seeking international arbitration over Zambia's appointment of the provisional liquidator, it said in a statement on Friday. Ahead of a court hearing in Zambia expected on June 4, which provides Vedanta with another chance to fight back, here are some responses to the questions thrown up by the case.

  • Vedanta CEO open to dialogue with Zambia
    Reuters2 months ago

    Vedanta CEO open to dialogue with Zambia

    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.

  • Reuters3 months ago

    Vedanta Resources raises $1 billion through bond issue

    (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 ...

  • Reuters - UK Focus3 months ago

    Vedanta Resources raises $1 bln through bond issue

    Miner Vedanta Resources said on Friday it had raised $1 billion through a bond issue and would use the proceeds to repay existing debt. The bonds, sold in two tranches, were issued through Vedanata's subsidiary ...

  • PR Newswire5 months ago

    Vedanta Limited: Further Clarification in Relation to the Transaction With Volcan

    MUMBAI, India , Feb. 4, 2019 /PRNewswire/ -- Volcan Investments Limited (Volcan) and Vedanta Resources Limited, the parent companies of Vedanta Limited, holding more than 50%, have played a significant ...

  • Reuters6 months ago

    Vedanta tells top English court pollution case should be heard in Zambia

    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.

  • Reuters - UK Focus6 months ago

    Zambia says mines have failed to show impact of higher taxes

    Mining companies operating in Zambia have failed to show how higher taxes introduced this year will affect their profitability despite objecting to the new framework, a senior government official said on Thursday. The country, Africa's second-largest copper producer, increased its sliding scale for royalties of 4 to 6 percent by 1.5 percentage points from Jan. 1 and introduced a new 10 percent tax when the price of copper exceeds $7,500 per tonne. Zambia also plans to replace value-added tax with a sales tax by April to help bring down mounting public debt.

  • Reuters - UK Focus7 months ago

    Zambia pricing itself out of global mining with tax hikes -industry body

    LUSAKA, Dec (Shanghai: 600875.SS - news) 20 (Reuters) - Zambia is pricing itself out of the global mining market with proposed tax increases, the head of the local mining body said on Thursday, a further warning to investors rattled by the government's efforts to squeeze more money from the sector. Africa's No.2 copper producer plans to introduce new mining duties, replace value-added tax (VAT) with a sales tax and increase royalties, from January, to help bring down mounting public debt. Mining accounts for more than 70 percent of Zambia's foreign exchange earnings and companies operating in the southern African nation include First Quantum, Glencore (Amsterdam: GX8.AS - news) and Vedanta Resources (Other OTC: VDNRF - news) .

  • Reuters - UK Focus7 months ago

    Zambia's chamber of mines sees 21,000 job cuts due to higher taxes

    LUSAKA, Dec (Shanghai: 600875.SS - news) 11 (Reuters) - Mining companies in Zambia may lay off more than 21,000 workers due to reduced capital expenditure over the next three years if the government introduces higher taxes in January, an industry body said on Tuesday. The Chamber of Mines said it met officials at the ministry of finance last week to present its views on the likely impact of the tax changes contained in the 2019 budget, which include capital expenditure cutbacks of more than $500 million. "Our members continue to review their operations and are having to consider scaling back substantially while reducing capital expenditure by over a half billion dollars over the next three years," chamber of mines spokesman Talent Ng'andwe said by email in response to questions by Reuters.

  • Reuters8 months ago

    Vedanta seeks U.S. oil services consortium for new India blocks

    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.

  • Reuters - UK Focus8 months ago

    Indian court panel says state government overreached by closing Vedanta smelter

    * National Green Tribunal to give verdict on Dec (Shanghai: 600875.SS - news) . NEW DELHI, Nov 28 (Reuters) - An Indian court-appointed panel said on Wednesday that there were insufficient grounds to permanently close Vedanta Ltd's copper smelter and a government decision to shut it amounted to administrative overreach. The company was not given any notice or opportunity to explain its position, the panel said in its order.

  • Reuters9 months ago

    Zambia power system glitch cuts electricity supply to some mines

    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.

  • Reuters9 months ago

    Smelter closure, weak zinc ops depress Vedanta's profit

    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).

  • Reuters - UK Focus9 months ago

    COLUMN-Copper smelter hits cause physical squeeze in Asia: Andy Home

    LONDON, Oct (Shenzhen: 000069.SZ - news) 16 (Reuters) - The copper market is currently experiencing a squeeze on physical metal. The London Metal Exchange (LME) price is treading water just above the $6,000 level, struggling to fend off bearish macro funds. Between them the London Metal Exchange (LME), COMEX and the Shanghai Futures Exchange (ShFE) hold 440,000 tonnes of copper, the lowest amount since June 2016.

  • Reuters10 months ago

    Vedanta shareholders back London delisting amid protest

    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.

  • Reuters10 months ago

    Vedanta to invest $4 billion in India block to boost output

    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.

  • Reuters - UK Focus10 months ago

    Vedanta to invest $4 bln in India block to boost output

    NEW DELHI/MUMBAI, Oct (Shenzhen: 000069.SZ - news) 1 (Reuters) - India's Vedanta Ltd 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.

  • Reuters - UK Focus10 months ago

    COLUMN-Nyrstar profit warning highlights zinc's disconnects: Andy Home

    Belgian zinc producer Nyrstar (Berlin: 32660160.BE - news) issued a profits warning last week, citing "adverse market conditions". The company, which last year produced over a million tonnes of refined zinc, is feeling the pain from the dramatic price collapse of the last six months. London Metal Exchange (LME) zinc hit an 11-year high of $3,595.50 per tonne in February.

  • Reuters10 months ago

    ArcelorMittal ups bid for Essar Steel

    MUMBAI (Reuters) - Steel giant ArcelorMittal SA (MT.AS) has raised its bid for India's debt-laden Essar Steel in competition with Russia's VTB (VTBR.MM) and Vedanta Resources (VED.L). "The financial ...

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