From Yahoo Finance: 2025-04-23 08:14:00

Vedanta Resources is considering a U.S. public listing for its Zambian unit Konkola Copper Mines to raise about $1 billion for mine development, sources told Reuters. Barclays and Citigroup are advising on the potential IPO, with New York as a listing option. Discussions are in early stages with no final timeline. Vedanta aims to increase copper output to 300,000 metric tons per year in the next five years. Agarwal regained control of KCM after a legal battle with the Zambian government. Vedanta established a U.S.-based entity, Global Transition Resources Inc., to produce copper, cobalt, and gold in Africa. The company holds high-grade copper deposits and cobalt reserves needed for cleaner energy transition. Vedanta has secured short-term financing, paid debts to local creditors, and increased spending on surrounding communities after regaining control of KCM. Previous attempts to sell a stake in KCM were unsuccessful, leading to a potential listing as the most viable option. Vedanta Resources owns an 80% share in KCM, with the Zambian government holding a 20% stake. Vedanta is restructuring its conglomerate into five separate businesses, with plans for separate listings.

Read more: Exclusive-Vedanta weighs US listing to raise $1 billion for Zambian copper assets