Vedanta Resources, the mining and energy conglomerate led by Indian billionaire Anil Agarwal, is exploring a possible stock market listing of its Zambian copper division to raise capital for major investment in the asset.
“Listing is an option,” said Ajay Goel, Chief Financial Officer of Vedanta Ltd., adding that while no specific timeline has been set, the idea is actively being considered. He did not disclose the potential size or location of the listing.
The move follows Vedanta’s reinstatement as the operator of Konkola Copper Mines (KCM) in Zambia last year. The company had lost control of the asset about five years ago when the Zambian government placed it under provisional liquidation, accusing Vedanta of failing to fulfill promised expansion plans and of underpaying taxes.
As part of its return to Konkola, Vedanta has committed to invest $1 billion to revitalize the operation.
Konkola is known for its high-grade copper deposits—richer than those found in South America, the current global leader in copper production. However, the mine also presents significant technical challenges, as its ore bodies lie deep underground in one of the wettest mining environments in the world.
