Vedanta says it has arranged $250 million to settle Zambian copper mine debts
Vedanta will still need to raise an additional $1 billion revive the mining operations at KCM.
Vale is threatening to leave the International Council on Mining and Metals because Rio Tinto is suing the Brazilian miner.
The Wall Street Journal, relying on unnamed sources who are “familiar with the situation”, reports that Vale wrote a letter to the ICMM “regarding its membership in the body.”
The International Council on Mining and Metals has declined to comment on the dispute only confirming that it has received the letter.
Formed in 2001 the ICMM aims to “to maximize the contribution of mining, minerals and metals to sustainable development.” The ICMM has become a useful forum for top mining executives to meet.
In April Rio Tinto (NYSE:RIO) launched a lawsuit against Vale (NYSE:VALE) over control of Guinea’s Simandou, a rich iron ore deposit.
The London-based miner claims Vale used that “highly confidential and proprietary information” in its favour.
Simandou mine is one of the world’s largest with estimated reserves of 2.4 billion tonnes of ore grading 65% iron metal.
3 Comments
Mat
Ah Vale, dealing with accusations of impropriety by posturing to leave an industry body. You know the rest of the world won’t do you the favours the Brazilian govt does?
Graham
Mat
Absolutely spot on
Graham
Firdaus Abbasi
Just an example of a BRIC nation throwing bricks!