Content about Vedanta Resources

May 1, 2013

As Konkola Copper Mines (KCM) embarks on its complex Konkola Deep Mining Project (KDMP) it has never been a more important time for the company to demonstrate its commitment to sustainable development

Since the early 1930s the mining industry has been the economic and social backbone of Zambia. In the decades since the country’s economy has been heavily reliant on the mining of copper and cobalt. Today the country is internationally recognised as a premier producer of these products, and is ranked as the world’s seventh largest producer of copper, generating 3.3 percent of the western world’s total production.

January 10, 2011

Xstrata could be close to acquiring Drummond

Anglo-Swiss mining giant Xstrata is said to be close to acquiring Drummond, Colombia’s second biggest coal miner, according to a report in UK newspaper the Sunday Times.

It is thought that family-owned Drummond could be sold for around $8 billion (£5 billion). The company was put up for sale last year.

A number of other mining giants, including Rio Tinto, Vale, Vedanta Resources and Essar Energy, are thought to also have been interested in Drummond.

November 12, 2010

Vedanta profits soar 83 per cent

London-listed mining group Vedanta Resources has reported an 83 per cent jump in its first-half profits, aided by higher metals prices.

Pre-tax profits rose to $1.1 billion (approximately £685 million) from $605 million during the same period last year, on revenues of $4.6 billion (approx. £2.9 billion), which rose by 54 per cent.

Vedanta said it saw record production of zinc-lead, aluminium, iron ore and silver. Emerging markets continued to drive the global economy, resulting in price rises across most commodities, the company said.

August 16, 2010

Vedanta agrees Cairn stake

India’s Vedanta Resources has said it will acquire a 51 to 60 per cent stake in Cairn Energy’s Indian unit for between £5.4 billion to £6.1 billion.

The move represents Vedanta's first foray into oil and gas, and will help Edinburgh-based Cairn Energy fund a drilling programme in Greenland.

Cairn India operates the country’s largest onshore oil field, and has a market value of approximately £8.6 billion.

August 12, 2010

Vedanta and Cairn in talks on deal

Vedanta Resources is in talks to purchase assets or take a substantial stake in the UK oil and gas exploration company Cairn Energy.

According to a report by Bloomberg, the talks are at an advanced stage, with an announcement possible later this month. The companies are said to be discussing a range of options, including an equity stake, asset purchases or a complete takeover of Cairn.