Vedanta to divest copper mine in Australia

Monte Cello BV (MCBV), a 100% subsidiary of Vedanta Ltd, is to divest Copper Mines of Tasmania (CMT) by way of an option agreement with New Century Resources. MCBV is the 100% owner of the Mt Lyell Copper Mine in Australia, a small copper asset which has been on care and maintenance for the last 5 years and not strategic for Vedanta, with its size and country presence. The deal terms include a minimum expenditure commitment of USD 10 million over the two-year option period by New Century towards development and exploration, plus reimbursement of ongoing care and maintenance activities, with an option of right to terminate after 12 months.