Page 5 - Vedanta Resources

Vedanta Resources plans to meet investors as it faces $2 billion debt bill

The mining company has already started an exercise to identify investors in its dollar bonds that mature next January and August, as well as those due in March 2025

Vedanta Resources gets back ownership, management of copper mine in Zambia

Vedanta Resources Ltd (Vedanta) on Tuesday said it will restart copper operations in Zambia after a government decision in favour of the company. In a statement, the metal and mining giant said: "The ownership and management of Konkola Copper Mines (KCM) has been returned to the company following a historic decision by the Government of the Republic of Zambia". KCM is a world-class asset having reserves of 16 million tonnes of contained copper. It has a copper grade of 2.3 per cent, the company said. Vedanta Resources Chairman Anil Agarwal said, "I welcome the decision of the Government of the Republic of Zambia to reinstate Vedanta at KCM. We have been committed to KCM since 2004 and believe that it is a prized asset in our portfolio". Copper is a critical mineral for the technologies of the future. Vedanta will become a fully integrated producer of copper and cater to India's fast-growing demand while also making Zambia the leading producer of copper in the world, he ...

Vedanta seeks to identify its dollar bondholders as $2 billion debt looms

Vedanta has engaged a corporate advisory firm Morrow Sodali to identify owners of notes that mature in January 2024, August 2024 and March 2025, according to a notice sent last week

Indian billionaire Anil Agarwal mulls listing Vedanta businesses separately

The plans stand in contrast to Agarwal's attempts in 2020 to delist Vedanta Ltd to expedite the process of simplifying its corporate structure, which failed

Vedanta hits 52-week low; slips 19% in one month

Slower-than-expected ramp up in Ebitda or delayed/lower-than-expected refinancing by VRL resulting in higher-than-expected dividend outlay in FY24, could further reduce cash balance.

S&P Global Ratings revises outlook to negative for Vedanta Resources

S&P Global Ratings on Thursday revised the credit outlook for Vedanta Resources Ltd to negative, citing increased funding risks. The agency has affirmed the 'B-' rating for the company. It indicates a relatively higher credit risk. In a statement, it said Vedanta Resources' weakened access to cash flow from its operating subsidiaries at a time of challenging external financing conditions has raised its refinancing risk. "The company has about USD 3 billion of debt due between now and August 2024," it said. Vedanta Resources is making refinancing progress, but execution risks remain, the agency said.

Vedanta inches closer to regain control over Zambia copper assets

The Zambian government placed Konkola Copper Mines Plc, 79.4% owned by Vedanta, into provisional liquidation in 2019, and has since been locked in legal battles with the company over the asset

Foxconn-Vedanta JV split credit negative for UK mining firm: CreditSights

CreditSights had previously expected a "minimal credit impact" on Vedanta Resources based on the old arrangement, as Volcan, Vedanta's holding entity was undertaking the semiconductor investments

Vedanta Resources needs to be proactive about refinancing $1 bn bond: S&P

In April this year, the rating agency said that a credible refinancing plan at least six months before maturity, due in Jan 24, would be important to maintain the current rating

Vedanta Resources deepens tech push with $4 billion India display factory

Anil Agarwal's metals and mining conglomerate is expanding in electronics components to take advantage of India's push to become a technology manufacturing hub

Vedanta explores refinancing, brand monetisation for timely debt repayments

To ensure enough funds, Vedanta Limited has increased the percentage of royalty from 2 to 3 per cent beginning this year

Vedanta may successfully handle its debt in the next 12 months: Report

CreditSights report states that the current methods of refinancing and other potential strategies may help the mining tycoon "successfully" service its debt maturities

Vedanta Resources records $4.6 bn EBIDTA, $2.8 bn free cash flow in FY23

Vedanta Resources Ltd (Vedanta) on Thursday said it generated an EBITDA of USD 4.6 billion and a pre-capex free cash flow of USD 2.8 billion during financial year 2022-23. While the EBITDA (earnings before interest, taxes, depreciation and amortization) in FY23 was its second highest, the pre-capex cash flow was its all-time high, the company said in a statement. "Vedanta has generated EBITDA of USD 4.6 billion in FY23 and free cash flow pre-capex of USD 2.8 billion. It was accompanied by a significant improvement in its balance sheet position, with Vedanta gross debt falling from USD 9.8 billion to USD 7.8 billion in the twelve months to March 2023, with further continued deleveraging thereafter to a position of USD 6.4 billion as at end May 2023, as previously announced," it said. The company said it expects further improvement in its capital structure, based on the robust EBITDA and free cash flow estimates for FY24. As part of company's ongoing balance sheet management, all ...

Vedanta's Rs 2,632-crore brand fee helps VRL repay part of its debt

This comes after Anil Agarwal-owned holdco raised brand fee to 2% of turnover for its India biz

Vedanta Resources repays $1.4-bn bonds; brings down debt to $6.4 bn

Robust demand, operational performance will help group to cut debt further, it says

Mining giant Glencore lends $250 million to rival Vedanta Resources

In return, VRL pledges 4.4 per cent stake in Vedanta to Glencore

Vedanta's record dividend to parent strains company's balance sheet

The company paid a record equity dividend of Rs 37,758 crore (approx. $4.4 billion) in FY23

Hindustan Zinc turns into a net debt firm for first time in 20 years

HZL was sitting on cash and equivalents worth Rs 20,665 crore at the end of FY22

'Very, very comfortable': Anil Agrawal on Vedanta being over-leveraged

Elaborating on the debt repayment plans, he said that Vedanta Resources Limited would repay its obligations through a combination of dividend and royalties

Vedanta joins 20 Korean display glass firms for manufacturing hub in India

Vedanta Group on Monday said it has signed memoranda of understanding (MoUs) with 20 Korean companies from the display glass industry for the development of an electronics manufacturing hub in India