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VEDL - Vedanta News Story

₹137.05 5.3  4.0%

Last Trade - 11:26am

Sector
Basic Materials
Size
Large Cap
Market Cap £5.21bn
Enterprise Value £9.21bn
Revenue £9.02bn
Position in Universe 55th / 3011

UPDATE 1-Vedanta says execs unable to visit KCM Zambia operation, engage with management

Fri 31st May, 2019 10:41am
(Adds details, share movement)
    NEW DELHI, May 31 (Reuters) - Global mining conglomerate
Vedanta said on Friday its executives were unable to visit its
Zambian Konkola Copper Mines (KCM) operation and engage with
local management in a setback to efforts to ease tensions amid a
legal battle with Zambia.
    Vedanta is contesting the country's decision this month to
name a provisional liquidator to run Vedanta Resources' KCM
business. The government has accused KCM of breaching its
operating licence, and legal proceedings have been adjourned
until June 4.  urn:newsml:reuters.com:*:nL5N2301RK
    Shares of Vedanta's India-listed arm Vedanta Ltd  VDAN.NS 
were down 2.8 percent in late trade on Friday.
    Vedanta Resources' Chairman Anil Agarwal said on Thursday
the company was working to comply with Zambia's laws and tax
requirements, adding that he did not understand why
state-controlled minority shareholder ZCCM-IH  ZCCM.LZ  had gone
to court to seek the appointment of a provisional liquidator.
    Zambia said on Thursday its decision to punish Vedanta's
local operation for what it said were breaches of environmental
and financial regulations was a signal to other firms to follow
the country's laws.  urn:newsml:reuters.com:*:nL8N2364YT
    Zambia has riled miners with tax changes they say will force
them to withhold the investment Zambia needs. 
    KCM, one of Zambia's largest employers, said it would raise
output to 400,000 tonnes per year, but instead production has
fallen because of technical issues as infrastructure has aged,
as well as problems such as power outages.

 (Reporting by Sudarshan Varadhan in NEW DELHI and Muvija M in
BENGALURU
Editing by Kenneth Maxwell)
 ((Sudarshan.Varadhan@thomsonreuters.com; +911149548059;
Twitter: https://twitter.com/turvytopsy @turvytopsy; Reuters
Messaging: sudarshan.varadhan.thomsonreuters.com@reuters.net))
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