No 1 source of global mining news and opinion
International Resources Holding , the mining investment arm of United Arab Emirates’ richest company, is among investors holding talks on buying into Vedanta Resources’ Zambian copper assets, a senior Vedanta executive toldIRH, a unit of Abu Dhabi’s International Holding Company, which holds about $244 billion in assets, is interested in acquiring a stake in Konkola Copper Mines and is conducting due diligence on the assets, Chris Griffith, Vedanta’s chief executive for base metals, said.
Vedanta could sell up to 30% of its shareholding in the Konkola assets, Griffith said. The miner owns an 80% stake in the KCM and Zambia state firm ZCCM-IH the balance. He said the company wanted “a little bit more than just up to 30%”, but believed negotiation was possible.reported in April, citing sources. The Abu Dhabi company wants to build up its copper mining business in Zambia after buying a 51% stake in Mopani Copper Mines in a deal worth $1.1 billion.
“We’ve allowed that process to happen in parallel,” Griffith said. “So we’ve advanced down the road with a number of partners already that are in that process of doing their due diligence.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Vedanta subsidiary Western Cluster plans $2bn Liberia investmentNo 1 source of global mining news and opinion
Read more »
India's Vedanta to raise $120 million via debt issueIndia's Vedanta to raise $120 million via debt issue
Read more »
JCHX closes in on Zambian copper mine deal as China tightens Africa gripNo 1 source of global mining news and opinion
Read more »
Another US tourist killed in Zambia elephant attack, marking 2nd this yearZambian authorities have called on tourists to exercise extreme caution while observing wildlife around the country.
Read more »
Another US tourist killed in Zambia elephant attack, marking 2nd this yearZambian authorities have called on tourists to exercise extreme caution while observing wildlife around the country.
Read more »
US tourist killed in Zambia elephant attack, the second this yearZambian officials say a U.S. tourist has been killed by an elephant in the city of Livingstone, the second such attack in the country this year
Read more »