Vedanta Base Metals CEO Chris Griffith quits amid debt, short-seller woes

Vedanta Resources Ltd., the Indian mining conglomerate of billionaire Anil Agarwal that was targeted in a short-seller’s report, has lost the top executive of its base metals business, according to people familiar with the matter.

Chris Griffith, who joined Vedanta in 2023, has left the mining firm in recent days, the people said, asking not to be identified because the matter is private. Aside from being in charge of some of its key assets like zinc mines in South Africa and neighboring Namibia, he was also the president of the firm’s international business. It wasn’t immediately clear whether the firm had appointed his replacement.

Griffith, who previously led Gold Fields Ltd, confirmed that he resigned more than a week ago, with the company making an internal announcement about his departure on Monday. A Vedanta spokesperson also confirmed the resignation adding that the executive had expressed his plan to leave “a while back.” On Wednesday, Viceroy Research released a report saying it was shorting the debt held by Vedanta Resources.

Viceroy called the group structure an “under-appreciated risk to creditors.” Sentiment around the conglomerate has long been weighed down by Vedanta Resources’ debt burden, the result of an acquisition spree that includes stakes in Bharat Aluminium Co. and Hindustan Zinc Ltd.

Shares of the Vedanta Ltd. were trading 1.3% lower on Thursday, after dropping 3.4% the day before.

In a statement, Vedanta dismissed the report as “a malicious combination of selective misinformation and baseless allegations,” and said it had not been contacted by the short seller. “We remain focused on the business and growth, and request everyone to avoid speculation and unsubstantiated allegations,” a spokesperson said.

Griffith quit as Gold Fields’ chief executive officer after the company’s failed attempt to take over Canada’s Yamana Gold Inc. He previously headed the platinum and iron ore businesses of Anglo American, in which Agarwal was once the biggest shareholder.

(By Dinesh Nair and Anto Antony)