Company's shares fell as much as 5.5% on the news that the Indian Supreme Court had cancelled all the 88 existing iron ore mining licences in the Indian coastal state of Goa.
Vedanta Resources Mining News
Indian commodities billionaire said the rally in Anglo American Plc vindicated his personal bet in the mining group.
Stuart Chambers faces investor calls for clear direction at the company, long seen as a potential takeover target.
He intends to buy as much as 1.5 billion pounds (about$2 billion) worth of additional Anglo American shares.
The news follows the exit of former Anglo American CEO Cynthia Carroll, who stepped down last month.
Deal would make of Volcan Investments Ltd., Agarwal's family trust, the second-largest investor in Anglo American.
Vedanta Resources’ chairman Anil Agarwal allegedly approached Anglo in several opportunities earlier this year to discuss potential tie-ups.
Carroll, who led Anglo American from 2007 to 2013, will chair the company’s Vedanta Resources Holdings Ltd. unit and advise the group’s chairman.
The country’s environmental management authority found the copper concentrate imported from Chile had high levels of arsenic, a toxic substance.
Konkola Copper Mines, owned by Vedanta, said the move was a result of poor metal prices, which has hit the global copper industry very hard.
India's private iron ore producers are likley to suffer the effects of high costs, low prices and a poor export market.
London-listed Vedanta Mining (LON:VED) will be in court to defend itself against claims by hundreds of Zambian villagers that its copper mining operations polluted a water source and farmland.
Power restrictions could hit output of most copper mines operating in the country.
The Chamber of Mines wants the government to reconsider its decision to hike corporate income tax rate on mineral processing from 30% to 35%, which came in effect July 1.
The move puts an end to a nearly nine-month standoff that has hit output and profits in Africa’s second largest copper producer.
The country's national pension fund has bought 15.9 million shares of Zambia's Consolidated Copper Mines-Investment Holdings for almost $80 million.
Mines minister Christopher Yaluma said reducing royalties below the recently revised 9% would make underground mining more cost effective.
The announced changes will be effective on July 1, once parliament has approved them.
Government claims it was not notified according to the law.
But the fund warned that only further tightening of fiscal and monetary polices would contain the country's large deficits.
The new rules only apply to future payments and not amounts already owed.
The situation may soon change, as authorities have began talks with the country’s top miners, signalling the possibility of a compromise over the country’s new tax regime.
The miner, Zambia's largest foreign investor, operates Kansanshi mine, the eighth largest copper mine in the world, as well as the country's biggest.
Underground mining royalties will go up from 6% to 8%; underground taxes now 20%.
Zambia’s mines minister says the company has not officially communicated the government its intentions as required under the country's law.