He has been given more time to make a firm offer or walk away from a deal to buy out minority shareholders in Vedanta Resources for 778 million pounds ($1 billion).
Vedanta Mining News
Expectations for a rise in zinc concentrate supplies in coming years have driven down the metal price to one-year lows, but smelting capacity constraints suggest the sell-off is premature.
Vedanta "can be the second- or third-largest resource company in the world."
Vedanta is considering options including lay-offs for some of the 2,000 employees of its iron ore business that was shut down by a court.
About 13 people died at the site last week after police opened fire as locals protested against alleged pollution.
A combination of bad news across its operating industries has made Vedanta one of the biggest losers this year among the 10-member S&P BSE India Metal Index.
Deadly protests last week over alleged pollution from the Tuticorin smelter have prolonged a shutdown of the 400,000 tonnes-a-year operation. This time it seems to be forever.
A company executive says Vedanta is not looking to set up plant elsewhere.
Despite its insatiable appetite for materials, India is yet to impose itself among the mining heavyweights like Australia, China or even the U.K.
The pollution control board of Tamil Nadu said the smelter was found last week to be preparing to resume production without permission.
The unit has been shut for more than 50 days.
Company is accelerating expansion of its African zinc operations to take advantage of a surge in zinc prices.
Agarwal, who has been hunting for a new Vedanta CEO for more than a year, has consistently sought talent from the world’s biggest miners.
The price of zinc fell to a four month low on Thursday – there's much more pain to come says new report.
Vedanta could accelerate expansion of its African zinc operations to take advantage of strong prices.
The rejection comes amid almost daily protests against a proposed expansion of the smelter by the people of Thootukudi.
Stars-turned-politicians are lending their voices to protests by neighboring villagers against the plant in Tamil Nadu because of health concerns.
India's Supreme Court in February quashed all iron ore mining permits in the southwestern state of Goa, one of the top producing states for the steel making raw material.
The latest ban would affect not only Vedanta but also several small unlisted companies run by local families.
The maintenance activity, originally scheduled for April, comes amid media reports that thousands had taken to the streets and shut shops in Thootukudi to protest against the expansion of the smelter.
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.
Stuart Chambers faces investor calls for clear direction at the company, long seen as a potential takeover target.
London's Court of Appeal opened the way for nearly 2,000 Zambian villagers can pursue a claim for damages.
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.