Vedanta Resources, a mining company owned by Anil Agarwal, is considering a possible public listing of its Zambian unit, Konkola Copper Mines (KCM), in the US as part of its efforts to raise approximately $1 billion for mine development. The company is in early-stage discussions with investment bankers and is evaluating various financing options, including debt, equity, and internal accruals. A US-based entity, Global Transition Resources Inc, has been established, and the company may explore one or multiple financing options.
The fundraising plans are part of Vedanta’s strategy to fund the Konkola Deep Mining Project, which aims to leverage high-grade copper and cobalt reserves to meet the rising demand for energy transition minerals. The company plans to produce 300,000 tonnes of copper per annum from KCM by 2030. In July last year, Vedanta Resources Holdings paid $245.75 million to fulfill its commitment under the KCM scheme of arrangement, paving the way for the reinstatement of the Board of Directors and the return of full management control to Vedanta.
KCM is one of the largest deposits of high-grade copper in the world, with high-grade copper deposits in excess of 2.4 percent. The company has raised $3.1 billion in US dollar bonds since September 2024, and the potential listing of KCM in the US is seen as a way to raise additional funds for mine development. New York is one of the probable listing options, but discussions are still in the early stages, and no timeline has been finalized.
A Vedanta Resources spokesperson confirmed that the company is evaluating a range of financing options, including internal accruals, debt instruments, and equity options, as part of its routine operating procedure. The spokesperson added that the company continues to invest and grow its operations across the world, and the fundraising plans are part of this strategy. With the demand for energy transition minerals on the rise, Vedanta’s plans to develop the Konkola Deep Mining Project and increase copper production are seen as a key part of the company’s growth strategy.