Vedanta Resources be planning to raise about $1 billion for mine development, but discussions are still super early, with no timeline set in stone yet. Anil Agarwal’s company might even go for a US public listing for its Zambian unit, Konkola Copper Mines (KCM), among other financing options. Sources say they’re chatting with a few investment bankers, and New York could be one of the spots for the listing. But really, who knows when this will all go down?
All the finance options are up for grabs, according to a source from Vedanta Resources. They’re thinking about internal accruals, debt instruments, and equity options. Just business as usual for them, you know? They’re even considering other financing options like debt, equity, and internal accruals. A US-based entity called Global Transition Resources Inc is now a thing, too. So, they’re keeping their options open, which is pretty smart.
This fundraising plan fits right into Vedanta’s goals for the Konkola Deep Mining Project. They want to tap into high-grade copper and cobalt reserves since there’s a growing demand for energy transition minerals. Vedanta Resources is aiming to churn out 300,000 tonnes of copper annually from the Konkola Copper Mines (KCM) by 2030. Last July, Vedanta Resources Holdings coughed up $245.75 million as part of their commitment to the KCM scheme. This move paved the way for the Board of Directors of the KCM to come back and for Vedanta to take full control of management again. It was a necessary step before they could ramp up production.
KCM boasts some top-notch copper deposits, with over 2.4 per cent grade. It’s one of the biggest high-grade copper deposits globally. Since September 2024, Vedanta Resources Ltd has raked in $3.1 billion from US dollar bonds. So, it looks like they’re on a roll.