Aug 1 Diversified miner Vedanta Resources Plc
said it was open to a scrutiny of its Zambian copper
business, which has faced protests recently over allegedly not
paying enough taxes.
The company's shares were up 2.5 percent at 1077 pence at
1457 GMT on the London Stock Exchange.
Vedanta Chairman Anil Agarwal said on Friday his comments on
Zambia in a video circulating on the Internet had been taken out
"I can assure you we have paid our fair share of taxes in
Zambia (and around the world) and we welcome any scrutiny of
that," the one-time scrap dealer, who controls the FTSE-250
company, said at Vedanta's annual general meeting.
Zambia's mines minister Christopher Yaluma said in May the
government would investigate and recover back taxes if it found
that Vedanta made more money from its Konkola Copper Mines (KCM)
than it had reported.
Hundred of Zambians protested at KCM's Lusaka headquarters
after the video showed Agarwal boasting of vast profits from the
mine, in which Vedanta bought a controlling stake a decade ago.
The business - which accounts for about 10 percent of
Vedanta's revenue - was part of the company's push beyond its
origins in India, but has repeatedly disappointed.
The company reported a 43 percent fall in core earnings at
its Zambian copper business for the first quarter ended June 30,
earlier this week.
(Reporting by Esha Vaish in Bangalore; Editing by Joyjeet Das)