An expensive regret, but “Billionaire Anil Agarwal, who controls London-based Vedanta Resources Plc, said he regrets investing 500 billion rupees ($8 billion) on an aluminum complex in India that’s faced a shortage of raw materials,” reports Bloomberg.
“’I could either invest in Vedanta Aluminium or I could have bought Asarco,’ Agarwal said in an interview with Bloomberg TV India in New Delhi aired today, referring to U.S. copper miner Asarco LLC. ‘If you ask me today, I regret it.’”
“Complex government procedures are delaying project approvals in India and impeding companies, Agarwal said. His Sesa Sterlite Ltd. (SSLT) has seen its iron-ore business slump following court-imposed mining bans in two states, while the group’s failure to obtain a mining permit for bauxite in the eastern state of Odisha has driven the aluminum unit into losses.”
“’I would have done better if I had bought Asarco,’ said Agarwal, whose net worth is calculated at $2.8 billion, according to the Bloomberg Billionaires Index. ‘It would have been a feather in my cap.’”
On Friday, November 29, the aluminum cash price fell by 1.2 percent on the LME, landing at $1,701 per metric ton and making it the day’s biggest mover. Aluminum 3-month saw its price drop on the LME 0.9 percent to a 30-day low of $1,751 per metric ton last Friday. The Indian aluminum cash price weakened by 0.9 percent.
Chinese aluminum prices closed flat for the day. The price of Chinese aluminum scrap continues to hover for the fifth day in a row. For the fifth day in a row, the price of Chinese aluminum billet remained essentially flat. The price of Chinese aluminum bar saw little movement. The Chinese aluminum cash price remained essentially flat.