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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  Vedanta Limited    VEDL   INE205A01025

VEDANTA LIMITED

(VEDL)
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Vedanta's Zambia copper unit warns part of Nchanga open-pit mine about to collapse

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07/03/2020 | 05:11am EDT
A bird flies past the logo of Vedanta installed on the facade of its headquarters in Mumbai

Zambia's Konkola Copper Mines (KCM), a unit of diversified miner Vedanta Resources, has closed part of its open-pit mine as a portion of the pit is about to collapse, the chief executive officer said late on Thursday.

KCM predicted that part of the Nchanga Open Pit in Chingola in Zambia's Copperbelt area will cave in "anytime" in the next five days after geo-technical assessments detected some slope instability.

The slough - or caving in of the ground - manifested so far through tension cracks opening up is likely to stretch approximately 350 metres (0.2 mile) and the estimated volume of the area involved is 8 million cubic metres, CEO Christopher Sheppard said in a statement.

Production was continuing elsewhere except for the at-risk areas which have been shut, a KCM spokesman said.

KCM has implemented measures to protect communities around the mining area and employees from the impact of the slough, Sheppard said.

"I must state in no uncertain terms that our priority is to ensure the safety of people first, and also make sure that KCM, public and private property are safe-guarded."

The mine has marked out a 90-metre wide hazard exclusion zone in which the potential collapse is expected to occur. It is "at least" 60 metres away from nearby communities, he said.

Apart from the Nchanga open pit, KCM also operates the Nchanga and Konkola underground mines, concentrators, a smelter, a tailings leach plant, and a refinery.

(Reporting by Chris Mfula; Editing by Helen Reid and Emelia Sithole-Matarise)

Stocks mentioned in the article
ChangeLast1st jan.
GOLD 0.01% 1943.724551 Delayed Quote.26.65%
SILVER 0.03% 26.421035 Delayed Quote.43.68%
VEDANTA LIMITED -1.45% 122.65 End-of-day quote.-19.55%
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Financials
Sales 2020 854 B 11 396 M 11 396 M
Net income 2020 60 039 M 801 M 801 M
Net Debt 2020 288 B 3 838 M 3 838 M
P/E ratio 2020 8,73x
Yield 2020 8,34%
Capitalization 454 B 6 071 M 6 062 M
EV / Sales 2020 0,87x
EV / Sales 2021 1,06x
Nbr of Employees 76 000
Free-Float 51,0%
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 136,92 INR
Last Close Price 124,45 INR
Spread / Highest target 60,7%
Spread / Average Target 10,0%
Spread / Lowest Target -15,6%
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Managers
NameTitle
Sunil Duggal Chief Executive Officer
Anil Kumar Agarwal Non-Executive Chairman
G. R. Arun Kumar Chief Financial Officer & Director
Navin Kumar Agarwal Executive Vice Chairman
Lalita Dileep Gupte Independent Non-Executive Director
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