Vedanta Resources, a mining conglomerate led by Indian tycoon Anil Agarwal, is weighing a US public listing for its Zambian unit Konkola Copper Mines (KCM) to raise $1 billion for mine development, according to a Reuters report.
The report, which cited three sources with knowledge of the matter, said the company has engaged Barclays and Citigroup to advise on a potential initial public offering (IPO), with New York being considered as a possible listing venue.
Discussions are still in the early stages, and no timeline has been established, the sources said.
A Vedanta Resources spokesperson declined to comment on the matter, stating various financing options are being considered.
"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," the spokesperson told Reuters.
Vedanta regained control of KCM in 2024, following a prolonged legal dispute with the previous Zambian government. The company's goal is to boost KCM’s copper production to around 300,000 metric tons annually within five years, capitalizing on the rising demand for copper driven by sectors such as electric vehicles and emerging technologies.
Since reclaiming the assets, Vedanta has formed a US-registered entity, Global Transition Resources, which it claims is involved in the production of copper, cobalt, and gold in Africa, although it is not yet clear if this entity would manage the assets in the event of a US listing, Reuters reported.