Skip to main content

Vedanta has sold its stake to New Century Resources

Vedanta has divested its stake in the Mt Lyell Copper Mine in Australia to New Century Resources.

Vedanta has sold its stake to New Century Resources
Vedanta 



The Indian mining giant announced the divestment in October 2021, saying that the mine was not strategic for the company due to its size and country presence. The mine has been on care and maintenance for the past five years.

Under the terms of the divestment, New Century Resources will have an option to purchase the mine outright after spending $10 million on development and exploration over the next two years. The company will also reimburse Vedanta for ongoing care and maintenance costs.

The divestment of the Mt Lyell Copper Mine is part of Vedanta's larger strategy to streamline its portfolio and focus on its core assets. The company has also divested its stake in other non-core assets in recent years, including its iron ore mines in India and its zinc mines in Ireland.

New Century Resources is a mineral exploration and development company focused on copper and gold projects in Australia. The company has a strong track record of successful mine restarts and is well-positioned to bring the Mt Lyell Copper Mine back into production.

The transaction is expected to close on or before December 31.
Tags:

Comments

Post a Comment

Like this 22k jewelers blog?

Popular posts from this blog

What is the new rule of bank locker agreement

The bank locker facility helps in keeping gold jewelry, money, important documents, etc. safe. Those who use the locker service must sign a renewed agreement.    Bank locker How to avoid the risk of bank locker service being suspended? Those who have not yet signed the renewed agreement should do so immediately, banks are reminding them. If the renewed agreement is not signed, there is a risk of the locker service being suspended. Let's see the important aspects related to locker agreement renewal.   Locker Agreement: The Reserve Bank of India ordered in 2021 that a new rental agreement should be obtained from the beneficiaries using locker services. The Reserve Bank took this step considering customer complaints, technical aspects, and Supreme Court guidelines. Extension of deadline: The objective of the locker renewal agreement is to improve transparency and security regarding the operation of the locker service. The deadline for this was extended twic...
Post a Comment
Read more

No tax on gold, gold prices plummet

New Delhi, Aug. 13-Gold prices fell by nearly two percent in the international market yesterday after US President Trump announced that there would be no tax on gold. Gold price gold price fall reasons The US Customs Department issued a statement last week that the tax would also apply to gold bars . Following this, prices rose sharply. The price of one ounce of gold, i.e. about 28.35 grams, reached a new high of Rs 3 lakh. White House sources said at the time that the tax would be applicable and that an official clarification would be made soon. Following this, Trump announced on his Truth Social social networking site the day before yesterday that 'there will be no tax on gold '. This announcement allayed investors' fears regarding price hike, leading to high selling of gold. Following this, the price of one ounce of gold fell below Rs 2.90 lakh. The international market situation was also reflected in India. In the last 2 days in Chennai, the price of 22-ka...
Post a Comment
Read more

This gold price is not permanent.

This gold price is not permanent, but when people think of a problem in the country, they buy gold first. It is good to buy as much as needed, but buying too much is foolish. When there is a famine, the things they buy are food, clothing, and money. If we don't have money, it is difficult to sell gold for urgent needs. Gold price Gold market crash history   Will there ever be a situation where gold , which has been rising very, very rapidly in a short period of time, will become a commodity? Studies on gold say that it may come. If we look at the price of gold over the past 50 years, rather than just 10 or 20 years, it seems that what you are saying has happened. That is, in September 1980, the price of 1 ounce of gold touched $666. 19 years later, in September 1999, the same 1 ounce of gold was sold for $255. A 62 percent decline. An ounce did not touch $666 again until 2007. That is, 27 years later. Next, in 2012, 1 ounce of gold touched $1,772. But, in just three ye...
Post a Comment
Read more