Vedanta shares inch higher after company regains control of Konkola Copper Mines
Vedanta share price NSE: Shares of mining major Vedanta (VEDL) inched higher on Wednesday (September 6) after Zambia agreed to return control of Konkola Copper Mines (KCM) to Vedanta Resources.
Vedanta share price NSE: Shares of mining major Vedanta (VEDL) inched higher on Wednesday (September 6) after Zambia agreed to return control of Konkola Copper Mines (KCM) to Vedanta Resources. This ended a row over the ownership of the assets that erupted in 2019 when authorities seized the mines. The stock opened at Rs 245.05 and gained as much as over 2 per cent to touch the day's high of Rs 246.55 from the previous close of Rs 241.4 on the NSE. Vedanta shares finished up 0.02 per cent at Rs 241.45 apiece on NSE.
The Zambian government, which owns a 20 per cent stake in KCM through ZCCM Investments Holdings (ZCCM-IH), 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, Zambia's mines minister Paul Kabuswe said.
A shareholders' agreement is being reworked to make the commitments from both shareholders legally binding, Kabuswe added. The legal details of the agreement and reinstatement of the KCM board would be finalised within the next three months, the minister said further.
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Vedanta share price: Past performance
Vedanta shares have slipped nearly 10 per cent in the past 12 months (September 6, 2023), thereby underperforming an 11 per cent rise in the benchmark Nifty index.
(with Reuters inputs)