Shares of Vedanta Limited jumped more than 2% to Rs 247 in early trading on September 6 after the company announced it had regained control of Konkola Copper Mines (KCM) in Zambia, marking an important milestone for both the global and Indian mining industry. That is the growing demand for copper.
KCM, known for its copper reserves and resources of 16 million tonnes of copper, will serve as the backbone of Vedanta’s ambitious strategy to vertically integrate into the copper business, in line with the needs of the industry. urgent need of a decarbonized world,” she said in a statement. . The government, which owns a 20% stake in KCM through ZCCM-IH, will allow Vedanta to regain control and operate KCM’s mines and smelters after the company renews its commitment to invest another 1 $0.2 billion to increase production and pay off outstanding debts. news agency said. Reuters reported citing Paul Kabuswe, Minister of Mines Zambia. Zambia’s relationship with Vedanta, owned by billionaire Anil Agarwal, deteriorated after the government of former President Edgar Lungu orchestrated the foreclosure of KCM’s assets and forced liquidation in May 2019, accused the Indian company of not honoring its plan to invest in increasing production.
Vedanta’s reintegration into the leadership of KCM is significant for India, as its copper demand is growing at a remarkable 25% annually. The move helps establish a reliable supply chain for this vital mineral, reducing India’s heavy dependence on imports, of which more than 90% comes from copper concentrates and more than 40% comes from imports. finished product export.
Lemon Tree Hotels trades down despite launch of 95th property
September 25, 2023
