Vedanta eyes US IPO to develop Konkola copper mines
Vedanta Resources is exploring a potential listing of its Zambian subsidiary, Konkola Copper Mines (KCM), on a United States stock exchange to raise approximately $1 billion for mine development.
The UK-based miner, led by Indian billionaire Anil Agarwal, has engaged Barclays and Citigroup as advisers for the planned initial public offering (IPO). Discussions are said to be in the early stages, with no final timeline confirmed.
Konkola Copper Mines
Vedanta holds an 80% stake in KCM, while Zambia’s state-owned ZCCM-IH retains the remaining 20%. KCM is recognized for possessing some of the world’s highest-grade copper reserves, along with an estimated 400,000 tonnes of cobalt — both crucial minerals for the clean energy transition. A Vedanta spokesperson confirmed that the company is evaluating a range of financing options, including internal funding, debt, and equity, to support expansion across its global operations. The company aims to scale up copper production to around 300,000 tonnes annually over the next five years.
Vedanta’s operations at KCM had previously been disrupted by a legal dispute with the Zambian government, resulting in provisional liquidation of the mines. Control was restored to Vedanta within the past year, following a settlement that allowed the company to resume full management of the mines, smelter, and refinery. Since regaining the assets, Vedanta has secured short-term financing, cleared outstanding debts, and increased investments in local communities.
The miner has also created a US-based entity, Global Transition Resources, which focuses on producing copper, cobalt, and gold in Africa. It remains unclear whether the assets intended for the IPO will be placed under this entity. Previous efforts to sell a significant stake in KCM to UAE-based International Resources Holding collapsed, and with other sale attempts unsuccessful, a US listing now appears to be Vedanta’s most viable route to raise the required capital.
