US listing, among options as Vedanta Resources eye $1-b fundraise for Zambian mine development 

Discussions are in early stages, and no timeline has been finalised
| Photo Credit:
DANISH SIDDIQUI

Mining mogul Anil Agarwal’s Vedanta Resources could look at a possible US public listing for its Zambian unit, Konkola Copper Mines (KCM), among “other financing options”, as it looks to raise approximately $1 billion for mine development. 

Talks are on with a couple of investment bankers, sources said, adding that New York is amongst the probable listing options. 

Discussions are in early stages, and no timeline has been finalised. In fact, “all financing options are on the table”, the source said .

“We continue to evaluate a range of financing options, including internal accruals, debt instruments, and equity options, as we invest and grow our operations across the world. This is part of our routine operating procedure,” a Vedanta Resource spokesperson told businessline. 

Vedanta Resources, the source said,  is also evaluating other financing options, including debt and equity, as well as internal accruals. 

A US-based entity, Global Transition Resources Inc has been established. “We can explore one, many or all the financing options,” the source said. 

The fund-raising plans aligns with Vedanta’s strategy to fund the Konkola Deep Mining Project, leveraging high-grade copper and cobalt reserves amid rising demand for energy transition minerals. 

Vedanta Resources aims to produce 300,000 tonnes of copper per annum from the Konkola Copper Mines (KCM) by 2030 .

In July last year, Vedanta Resources Holdings confirmed that it has paid $245.75 million in line with its commitment under the KCM scheme of arrangement. This paved the way for the imminent reinstatement of the Board of Directors of the KCM and the return of full management control to Vedanta, which was a necessary first step before the miner ramps up production. 

With high-grade Copper deposits in excess of 2.4 per cent, KCM is one of the largest deposits of high-grade copper in the world.

Vedanta Resources Ltd has raised $3.1 billion in US dollar bonds since September 2024.

Published on April 23, 2025