Vedanta Resources is exploring a potential U.S. public listing for its Zambian subsidiary, Konkola Copper Mines (KCM), as part of efforts to raise approximately $1 billion to fund mine development.
The company has appointed Barclays and Citigroup to advise on a potential initial public offering (IPO), which is still in the early stages.
New York is being considered as one of the possible listing locations.
While no timeline has been confirmed, the listing is seen as one of the most viable options after previous attempts to secure private investment did not succeed.
Vedanta is seeking funds to gradually increase copper production at KCM to 300,000 metric tons annually over the next five years.
Production had declined in recent years due to a legal dispute and a period of provisional liquidation imposed by the previous Zambian government.
Since regaining control of KCM, Vedanta has secured short-term financing, settled debts with local creditors, and ramped up investments in surrounding communities.
The company has also established a U.S.-based entity, Global Transition Resources Inc., which it says operates copper, cobalt, and gold projects across Africa.
It is not yet confirmed whether this entity will hold KCM’s assets in the event of a U.S. listing.
KCM hosts one of the highest-grade copper deposits in the world, along with around 400,000 tons of cobalt—key materials for electric vehicles, clean energy, and AI-driven technologies.
Vedanta had previously explored a stake sale to international investors, but those deals fell through.
The company is now reorganizing its broader operations by separating its oil-to-metals business into five standalone units, with plans to list them independently.
Vedanta holds an 80% stake in KCM, while the remaining 20% is owned by Zambia’s state investment firm, ZCCM-IH.
