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Billionaire Anil Agarwal has talked about transferring Konkola Copper Mines (KCM) to Vedanta Ltd at a fair valuation. Anil Agarwal’s statement comes at a time when Vedanta Resources has taken back ownership of a copper mine company in Zambia. The name of the divested ownership is Konkola Copper Mines (KCM). Let us tell you that the Zambian government has a 20 percent stake in KCM. At the same time, Anil Agarwal’s company owns 79.4 percent stake in KCM.
What Anil Aggarwal said: “I believe there should be more synergy between the refining/smelter businesses of KCM and Vedanta Ltd in the UAE and India,” billionaire Anil Agarwal said in a post on social media. KCM may be transferred from Vedanta Resources to Vedanta Limited at appropriate valuation. KCM’s return to Vedanta Resources has come at the right time, he said. It has the largest reserves of copper and cobalt in the world. Anil Aggarwal further said that copper is a key metal for decarbonisation of the world. In India it is growing at more than 20 percent annually.
Acquisition in 2004: Anil Aggarwal said that Vedanta acquired KCM in 2004 and made good profits. Global copper prices were then only US$4,000. Now, global copper prices are around US$8,500 and the technology is very good.
Anil Aggarwal, chairman of Vedanta Resources Limited, said that the coming together of KCM and Sterlite Copper will create a positive synergy for India’s growth. Copper is an important mineral for India’s energy transition. Thousands of MSMEs will come, creating jobs and income.