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Bond Market News
Vedanta Takes Back Zambia Copper Mine Control, To Ramp-Up Output
July 1, 2024
Vedanta has taken back control of Zambia’s Konkola copper mine, and plans to ramp-up output from the unit. This comes after Vedanta agreed to settle $250mn in debts owed to the mine’s creditors, that were sanctioned by a Zambian court. The Konkola mine was put into provisional liquidation in 2019 after the previous Zambian government accused its owner of lying about expansion plans and paying less taxes. In September 2023, both Vedanta and the government reached a resolution, with the former agreeing to spend ~$1.3bn on the mine. The mine has a capacity of over 300,000 tons of copper a year. This would help it align with Vedanta’s target output of 250,000 tons in the next few years, with ~40% from Konkola.
Vedanta’s dollar bonds were trading stable with its 9.25% 2026s at 91.05, yielding 15.1%.
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