MUMBAI, April 17 (Reuters) – India-focused miner Vedanta Resources Plc (VED.L: Quote, Profile, Research) is leading the race to acquire Zambia’s Luanshya Copper Mines, the Economic Times said on Friday, without disclosing how it got the information.
London-listed Vedanta, which has a majority stake in Indian copper miner Sterlite Industries (STRL.BO: Quote, Profile, Research), submitted its bid on Wednesday, and is pitted against China’s Non-Ferrous Copper Mine, the newspaper said.
A Vedanta spokesperson declined to comment, it said. The company already owns Zambia’s largest copper producer, Konkola Copper Mines.
Other contenders include the UK’s Lion Finance and South Africa’s Shanduka Group, the paper said.
The Zambian government, which has put the Luanshya mine on the block, expects an enterprise value of at least $230 million, it said, citing a person familiar with the development.
The government of Zambia had put the Luanshya mines up for sale last month after its former founders failed to pay off $200 million in liabilities, the paper said. (Reporting by Janaki Krishnan; Editing by Ranjit Gangadharan)
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