{"id":42073,"date":"2023-03-11T23:46:10","date_gmt":"2023-03-11T23:46:10","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/it-is-a-risk-to-consider-bringing-back-vedanta-says-sean-tembo"},"modified":"2023-03-12T23:37:15","modified_gmt":"2023-03-12T23:37:15","slug":"it-is-a-risk-to-consider-bringing-back-vedanta-says-sean-tembo","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/it-is-a-risk-to-consider-bringing-back-vedanta-says-sean-tembo","title":{"rendered":"It is a risk to consider bringing back Vedanta, says Sean Tembo"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Zambia. <\/strong><\/span>It is going to be risky for government to consider bringing back Vedanta to run Konkola Copper Mines (KCM) because rumours are swelling that the firm may be having financial challenges, Patriots for Economic Progress (PeP) president Sean Tembo has said.<\/p>\n<p>Mr Tembo said that it was going to be suicide if government allowed Vedanta to return because the firm was facing a number of challenges and looking at the way it conducted itself the same would happen.<\/p>\n<p>My plea is that government should not entertain the return of Vedanta because history is there for us to see, contractors were not paid plus other problems that were faced during its run at KCM,\u201d he said. Meanwhile, Anil Agarwal\u2019s once-London-listed Vedanta Resources Limited has a pile of debt, including a $1 billion bond due January.<\/p>\n<p>However, Vedanta Resources did manage to shed its net-debt burden from almost $10 billion in March last year to a little under $8 billion. With the listed unit declaring a dividend last month, its parent and majority shareholder is \u201chighly likely\u201d to meet its obligations until September 2023, according to S&amp;P Global Inc. So far so good. But it was when Agarwal tried to secure the finances for $1.5 billion in loan and bond repayments between September this year and January 2024 that he hit a roadblock<\/p>\n<p>What was supposed to be a quick dash to the ATM has become an uncertain enough adventure for Vedanta Resources bondholders to drive the price of the August 2024 note below 70 cents on the dollar. The next few weeks will be crucial for fundraising. If it fails, the issuer\u2019s B- credit rating, already deep in the junk-bond category, could come under pressure, S&amp;P said this month. Adani\u2019s net debt pile of $24 billion may be three times as large as Agarwal\u2019s, but his bonds are still rated at the lowest rung of investment grade.<\/p>\n<p>What happened to get everyone worried was this: Hindustan Zinc Ltd., which Agarwal had started buying from the Indian government two decades ago in a privatization deal, has a cash pile, albeit much smaller than before, of $2 billion. Plus, the miner garners between $300 million and $600 million Ebitda (1) every quarter. So Vedanta Ltd., which now owns 65% of the firm, decided in January to offload THL Zinc Ltd. Mauritius to Hindustan Zinc. That cash deal, representing mining interests in South Africa and Namibia, was valued at roughly $3 billion in phases over 18 months. Since Vedanta Ltd. is 70% owned by Vedanta Resources, it would have taken care of the latter\u2019s liquidity needs.<\/p>\n<p>Except there was one problem. New Delhi, which still owns about 30% of Hindustan Zinc, balked at the transaction. We would urge the company to explore other cashless methods for acquisition of these assets,\u201d the Indian government said in a Feb. 17 letter, threatening to explore legal avenues if Hindustan Zinc still decided to go ahead with the purchase.<\/p>\n<p>This presents two problems for the mining magnate. First, unless China\u2019s economic revival turns things around, the post-pandemic era of supernormal commodity profits could be over. If Agarwal can\u2019t take Hindustan Zinc\u2019s cash all the way up to his privately held Vedanta Resources, his ability to pay down debt may be impaired, forcing him to borrow more. But with the Fed giving no indication that it\u2019s done raising rates and existing Vedanta Resources bonds dropping in value, he might struggle to raise fresh money at a reasonable cost.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/zambia\">Zambia<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Zambia. It is going to be risky for government to consider bringing back Vedanta to run Konkola Copper Mines (KCM) because rumours are swelling that the firm may be having financial challenges, Patriots for Economic Progress (PeP) president Sean Tembo has said. Mr Tembo said that it was going to be suicide if [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":42071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,235,233],"class_list":["post-42073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>It is a risk to consider bringing back Vedanta, says Sean Tembo - Zambia<\/title>\n<meta name=\"description\" content=\"It is going to be risky for government to consider bringing back Vedanta to run Konkola Copper Mines (KCM) because rumou ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/it-is-a-risk-to-consider-bringing-back-vedanta-says-sean-tembo\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It is a risk to consider bringing back Vedanta, says Sean Tembo\" \/>\n<meta property=\"og:description\" content=\"It is going to be risky for government to consider bringing back Vedanta to run Konkola Copper Mines (KCM) because rumou ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/it-is-a-risk-to-consider-bringing-back-vedanta-says-sean-tembo\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-11T23:46:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-12T23:37:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/03\/postQueueImg_1678565788.12.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"421\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/it-is-a-risk-to-consider-bringing-back-vedanta-says-sean-tembo#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/it-is-a-risk-to-consider-bringing-back-vedanta-says-sean-tembo\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"It is a risk to consider bringing back Vedanta, says Sean Tembo\",\"datePublished\":\"2023-03-11T23:46:10+00:00\",\"dateModified\":\"2023-03-12T23:37:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/it-is-a-risk-to-consider-bringing-back-vedanta-says-sean-tembo\"},\"wordCount\":597,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/it-is-a-risk-to-consider-bringing-back-vedanta-says-sean-tembo#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/03\/postQueueImg_1678565788.12.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/it-is-a-risk-to-consider-bringing-back-vedanta-says-sean-tembo#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/it-is-a-risk-to-consider-bringing-back-vedanta-says-sean-tembo\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/it-is-a-risk-to-consider-bringing-back-vedanta-says-sean-tembo\",\"name\":\"It is a risk to consider bringing back Vedanta, says Sean Tembo - 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