Vedanta delays Zambian Konkola Copper Mines listing on stock market volatility

01 Dec 2010

1

Vedanta Resources Plc, the mining conglomerate controlled by UK-based billionaire Anil Agarwal, yesterday postponed the flotation of its Zambian copper assets in the London Stock Exchange (LSE) due to stock market volatility.

The miner's cause of concern is the current uncertainness of the markets, due to the Eurozone's financial crisis, especially that of Ireland, which were damping investor sentiment.

In February 2010, Vedanta had planned to spin-off six of its subsidiaries as separately listed companies, though it would retain controlling interests in each and had approached leading mining bankers to examine plans for the listings.

Vedanta, the FTSE 100-listed metals and mining company, had on 16 November announced that it would raise $1.1 billion (£693 million) by listing in the LSE its Zambian Konkola Copper Mines (KCM), which would value the Nehanga, Zambia based KCM up to $7.1 billion. (See: Vedanta Resources to raise $1.1 billion in London IPO for Zambian copper assets)

Vedanta, which holds a 79-per cent stake in KCM with the Zambian government owning the rest, said yesterday in a statement that its decision to postpone the listing was due to the ''year-end approaching and the current stock market volatility.''

Vedanta's Zambian operations comprise four mines, one at Konkola and Nampundwe, two at Nchanga where it also has a tailings leach plant, and a smelter at Nkana.

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers