HOTLINE: Another miner on the philanthropy trail

Vedanta chairman Anil Agarwal has joined the mining philanthropists hall of fame.

Vedanta chairman Anil Agarwal has joined the mining philanthropists hall of fame.

Last week, Agarwal pledged 75% of his fortune – about $3.5 billion according to some estimates – to charity, media reports said. The announcement was made as copper and zinc producer Vedanta Resources marked the tenth anniversary of its listing on the London Stock Exchange.

“Our London listing has played a very important role in building Vedanta into the company it is today and we believe that it will be a significant part of the group’s future,” Agarwal said in a statement.

Some media reports said that the pledge makes Agarwal India’s biggest corporate donor.

On the philanthropy front, Agarwal has company in Africa, where the group has significant stakes. In 2013, Patrice Motsepe, founder of African Rainbow Minerals, pledged half his wealth of $2.65 billion at the time to charity.

In 10 years, Vedanta has invested $20 billion in projects including mines and other facilities, growing the company’s total output by a factor of ten in copper equivalent terms, Agarwal said this year.

All has not gone smoothly for the company though.

In an interview last year, Agarwal rued investing $8 billion on an aluminium complex in India.

He has since expressed hope that the new government “was looking favourably at developing the natural resources sector”.

In Africa, Vedanta’s other big market, there are more issues.

A video was posted on YouTube last year in which Agarwal claimed Konkola Copper Mines has been “giving back” at least $500 million a year since it bought the mine for $25 million in 2005.

His comments triggered a wave of criticism in the Zambian press and prompted a preliminary investigation into whether KCM had been under-reporting profits to the country’s tax authorities. 

Vedanta must be hoping the good deed brings it some respite.

editorial@metalbulletinasia.com

What to read next
Demand for primary aluminium from the green transition remains a “brighter spot” for consumption amid an otherwise challenging downstream demand outlook, Eivind Kallevik, Norsk Hydro’s chief executive officer and president, told Fastmarkets in an exclusive interview on Tuesday July 23
Acquisition Company Limited (ACG) has agreed to buy the Gediktepe mine in Turkey — the company’s first deal as it works to build a sizeable mid-tier copper producer, its chairman and chief executive officer told Fastmarkets.
Copper market price speculation is driving the base metals narrative, head of research at UK-based services provider Sucden Financial Daria Efanova said during the company’s third-quarter metals webinar on Wednesday July 17.
Chinese mining giant CMOC reported a 178% year-on-year increase in cobalt metal production for the first six months of 2024, according to an announcement by the company on Friday July 12
Aluminum scrap generation in Europe is expected to decrease in the current quarter due to lower demand from downstream metal producers amid the domestic seasonal summer slowdown, according to the latest market overview from the Bureau of International Recycling (BIR)
The US government will impose tariffs on steel and aluminium shipped from Mexico that were made elsewhere, in a bid to curb trans-shipment and excess production, the White House said in a statement on Wednesday July 10, a move widely applauded by the pair of metals industries