Vedanta shares edge higher as Anil Agarwal talks of moving Konkola Copper Mines to mining major at 'right valuation'
Vedanta Zambia latest news: Anil Agarwal said the Konkola Copper Mines, which returned to his London-based firm Vedanta Resources last week, can be moved to the group's India-listed firm Vedanta Ltd "at the right valuation" on Tuesday.
Vedanta Zambia latest news, Vedanta share price NSE: Shares of mining major Vedanta (VEDL) were on the investors' radar on Wednesday after Anil Agarwal said Konkola Copper Mines (KCM) can be moved to the group's India-listed firm Vedanta Ltd. "at the right valuation". Last week, Zambia agreed to return control of KCM to Vedanta Resources, which is the parent firm of Mumbai-listed Vedanta Ltd. Vedanta shares edged higher in morning trade. The counter rose as much as over 1 cent to touch the day's high of Rs 234.3 on NSE. Vedanta shares finished at Rs 233.45, up by Rs 1.65 or 0.71 per cent on NSE.
Besides, Billionaire Anil Agarwal-led Vedanta clocked a fresh 52-week low of Rs 230.05 on September 12 on NSE. 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 $1.2 billion to increase output and repay outstanding debts.
Agarwal, in a post on X, said, "Going forward, my thought is that we must maximize synergies between KCM and Vedanta Ltd's refining/smelter businesses in UAE & India." "KCM can be moved from Vedanta Resources to Vedanta Ltd at the right valuation. He said the return of KCM to Vedanta Resources comes at a perfect time. "It has one of the largest reserves of copper and cobalt in the world, both important in the energy transition," he said. Copper is a key metal for the world's decarbonization. Demand is growing rapidly. Read more
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The return of Konkola Copper Mines (KCM) to Vedanta Resources comes at a perfect time!
It has one the largest reserves of copper and cobalt in the world, both important in energy transition
Copper is a key metal for world's decarbonization. Demand is growing rapidly.…
— Anil Agarwal (@AnilAgarwal_Ved) September 12, 2023
Vedanta share price history
Vedanta 's stock has given a negative return of over 20 per cent in the last 12 months (from September 14, 2022). In comparison, the headline index Nifty 50 has rallied over 11 per cent.
(With PTI inputs)