Vedanta Resources Limited, a globally renowned mining conglomerate, has affirmed its ability to secure the necessary funds for revitalizing operations at Konkola Copper Mines (KCM). The company has expressed its commitment to invest an additional $1 billion into KCM for capital mine development, expansion, infrastructure upgrades, and other initiatives aimed at boosting production.
Masuzyo Ndhlovu, the Corporate Communications Director of Vedanta Zambia, assured stakeholders that Vedanta Resources remains resolute in creating value at KCM and uplifting the livelihoods of people in the region. In an interview with Phoenix News, Ndhlovu emphasized the company’s dedication to executing measurable and impactful corporate social responsibility programs.
Addressing concerns regarding the financial health of Vedanta Resources, Mr. Ndhlovu stated that the company is financially sound. He highlighted the company’s diversified portfolio, which spans across four continents and contributes to its financial stability. Vedanta Resources, under the leadership of Indian mining mogul Anil Agarwal, has been working towards reducing its debt burden and aims to become a “zero debt company.”
Agarwal, in a previous interview with the Financial Times, expressed confidence in Vedanta’s funding options and mentioned ongoing discussions with JPMorgan and other banks for a $1 billion loan. He stated that Indian banks and American funds have shown interest in financing Vedanta’s operations. The company had already secured a $400 million loan from Howard Marks’ Oaktree Capital Group in 2020.
Despite recent challenges faced by Vedanta Limited’s share price and increased yields on its bonds, Agarwal dismissed concerns about upcoming debt maturities, emphasizing the company’s robust cash flow and projected profits of $9 billion for the coming year. He downplayed the bond market fluctuations, attributing them to the “geopolitical situation” rather than Vedanta’s financial standing.
While credit analysts have acknowledged the recovery of the commodity cycle and its positive impact on Vedanta’s cash flow, they caution that refinancing debt may prove challenging in the current environment, potentially leading to increased financing costs for the company. JPMorgan, in a recent research note, deemed the current financial year as critical for Vedanta Resources, as it grapples with debt maturities and interest payments totaling $4.1 billion at the holding-company level.
Agarwal also addressed the proposed merger of Vedanta’s South African and Indian zinc mining assets, describing it as the “right thing to do.” The Indian government, which holds a 29.5 percent stake in Hindustan Zinc, opposed the plan due to concerns over a related party transaction and the perceived high price of the South African operation. Agarwal expressed his willingness to align with the government’s stance and continue discussions to find a mutually agreeable solution.
Get behind sa.tan vedanta left a debt of billions of dollars! What is it that they want to come and do in Zambia! Where are men and women who are principled with integrity! Vedanta must never be allowed in Zambia. This poverty mindset is killing this country.
They have lost billions in revenue due to this liquidation…you honestly think Vendanta will pump in a single cent or pay tax
1. The Vedanta owner is not trusted by Indian Banks and Indian Governement. Vedanta’s bonds are rated junk in India and international capital markets for his natural resources group, which includes his mining empire.
2. Agarwal has been struggling to cut his debt. He recently lied during an interview that everyone wants to loan us money, meaning in Indian & American Banks, but when pressed he failed to name one bank. It turns out to be a lie & B*S. He recently borrowed $400 from Oaktree Capital to stay afloat. He is using KCM “just to hedge” his position and Zambia is getting slapped with lies and get rid of KCM when the government falls asleep.
3. Meanwhile, he wants to go into Semiconductor manufacturing and partner with Apple – but he cannot find the money.
So forget, this man will not invest $ Billions in KCM. He just wants to use KCM to drain money out of Zambia for his other projects, which he has constantly done since the minute he bought KCM.
4. Agarwal’s Vedanta Limited owns the majority 64.9 per cent stake in former state-owned Hindustan Zinc. He had planned to have Hindustan Zinc acquire South African operation THL Zinc from another Vedanta group entity, in a deal valuing the company at $2.9bn that the Indian Government strongly opposed, because it’s smeared and engulfed with so much dirty laundry.
5. In the last 30yrs, Agarwal has had countless litigation court cases, which he has lost or settled out of court. He is getting away because he funded UPND’s presidential campaigns. And our president is pressed against the wall. No person in UPND can question HH about KCM because they are all scared of his *dictatorial and *Mr. Know-It-All characteristics.
LT should stop with the propaganda. Just report. Dont mix reports with bootlicking praises:
“Vedanta Resources Limited, a globally renowned mining conglomerate, has affirmed its ability to secure the necessary funds for revitalizing operations at Konkola Copper Mines”
Why do you want to feed your readers with this propaganda that Vedanta are globally renowned? So what if they are? So wwe should allow them back???
A future “zero debt company”.
Vedanta is currently overwhelmed with debts such that operations at KCM have been affected since the 2008 global financial crisis. KCM under Vendanta is not fluid. It is basically in insolvency. Even out of court negotiations, KCM can’t prove they are moneyed enough to run our four mines (Konkola, Nchanga, Nkana and Nampundwe).
Go to hell, Rubbish
A man bitten twice by the same snake is a foool. Vedanta has already beaten us before. We’re just waiting to see if they will be given an opportunity to bite us again
Vedenta would have been kicked out legally but the dumb President Lazy Lungu hastily made the decision to liquidate at the advise of greedy hanger ons like Findley and Co…Anil will back again smiling shaking hands with the President at State House and pledging billions in investment which will never come.
We are f00ls. We have been bewitched twice by the privatization thief. This privatization reloaded will be even painful.
Massuzyo stop lying young man.
We had plans to indigenous the mines so that Zambians became majority owners but instead some f00Iish tribal Zambians decided to bring in a crook who sold our resources to imperialist for peanuts during privatisation. Hh claims his only role during privatisation was to value state resources but instead he was devaluing. Fuseke
Which plans did you have for majority ownership of the mines by Zambians…you mean Chinese…sit down Humpty Dumpty Troll based in UK.
Which plans did you have for majority ownership of the mines by Zambians…you mean Chinks…sit down Humpty Dumpty Troll based in UK.
kci one of wisest bloggers here said : people should understand that we have a motivation speaker who impresses and cones by talking. Firstly he exported all the maize that was grown by the previous government. Did the same with electricity. He did not deliver farming inputs on time and the little he delivered was shared in medas. He talks too much and action is zero. Ask him about Maponi and KCM. He will show you graphs. The graph man at some point showed Zambians a piece of paper on how to make fuel cheap. Whatever he has done with that piece of paper only his praise team knows.
Look at this Humpty Dumpty UK based Troll did we not tell you that Mopani and KCM were raw deals…where did liquidation of KCM take Lazy Lungu? They only fattened their bank balances.
That’s Vedanta for you they have all these black faces talking now and making empty assurances immediately they get the green light, the vile greedy Indian Anil Agarwal will move in his clan from Mumbai and he will go to another graduation and laugh at how stupid the black African is.
Masuzyo you didn’t do well with the RDA…mmm? Vendetta didn’t recapitalize the mine so how do you expect them to do so now when things are tough. The reason why they were kicked out are still valid except that loop holes were not sealed therefore giving the rat a hole to sneak in.
The paper on which calculations on how to make fuel cheaper can be found at Garden Sewer Ponds nearer where Dr Proud stays. It was used as tissue
LT should stop with the propaganda. Just report. Dont mix reports with bootlicking phrases:
“Vedanta Resources Limited, a globally renowned mining conglomerate, has affirmed its ability to secure the necessary funds for revitalizing operations at Konkola Copper Mines”
Why do you want to feed your readers with this propaganda that Vedanta are globally renowned? So what if they are? So we should allow them back???
The Corporate Communications Director, who is the face of Vedanta in Zambia, released that message. It is as incoming from source.
No excuse for poor journalism. It should be re-written
”……..to secure the necessary funds for revitalizing operations at Konkola Copper Mines” IF you read in between the lines what does that imply?