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Billionaire Agarwal Has a Warning for Zambia

  • State-owned shareholder wants Vedanta unit’s assets liquidated
  • Yield on $1 billion notes surges to 20.8% as investors flee
Anil Agarwal, owner of Vedanta Resources 

Anil Agarwal, owner of Vedanta Resources 

Photographer: Waldo Swiegers/Bloomberg
Updated on

Anil Agarwal, the Indian billionaire owner of Vedanta Resources Ltd., said mining companies are likely to stop operating in Zambia as a result of a state-owned firm seeking to liquidate his copper-mining business there.

Agarwal’s warning, published in a government newspaper on Wednesday as a “personal message” to citizens of Africa’s second-biggest copper producer, comes as his company is trying to meet with President Edgar Lungu over state-owned ZCCM Investments Holdings Plc’s move this month to wind up Konkola Copper Mines Plc.