MUMBAI (CU)_Over the past six years, the Copper Mines of Tasmania in Queenstown has been placed into care and maintenance following two safety incidents, as well as a depression in the copper market. Accordingly, Indian mining company Vedanta Limited, announced on Wednesday that a term-sheet agreement has been entered into by its subsidiary Monte Cello BV (MCBV), to divest copper mine, which has proven to be not strategic for Vedanta, considering its size and global presence.
“MCBV, a 100 per cent subsidiary of Vedanta Limited, has entered into a term sheet agreement to divest Copper Mines of Tasmania (CMT) by way of an option agreement with New Century Resources,” the company said in a filing to BSE. It added that the decision to divest CMT was made following an internal strategic review which considered the possibility of restarting operations at Mt Lyell, in order to create value for the community, Tasmanian economy, as well as Vedanta and its shareholders.
“The terms of the Option Agreement include a minimum expenditure commitment of…
