Vedanta Explores US Listing to Raise $1 Billion for Zambia Copper Project

According to the news reports, Vedanta Resources is considering listing its Zambian copper business, Konkola Copper Mines (KCM), in the US to raise around $1 billion. The aim is to use this money for mine development. The company has appointed Barclays and Citigroup to guide them through this possible IPO. One of the options being looked at is listing the shares in New York.

Current Situation and Background

KCM’s copper output had dropped in recent years due to a legal conflict. The previous Zambian government had taken control of the mines, accusing Vedanta of not investing enough. However, Vedanta’s chairman, Anil Agarwal, regained control last year. Since then, the company has been working to pay off debts, including electricity bills and is also increasing community investments.

Steps Already Taken

Vedanta has already created a U.S.-based company named Global Transition Resources Inc., which works in African regions producing copper, cobalt and gold. It’s unclear if this will be the exact entity used for the listing. The company had earlier tried to sell stakes to UAE-based IRH and other investors, but the deals didn’t work out due to valuation disagreements.

Future Outlook and Strategy

Vedanta aims to increase its copper production to 300,000 metric tons per year within five years. With high global demand for copper and cobalt, especially due to electric vehicles and AI data centres, the company sees strong potential. It is also restructuring its business by separating its oil-to-metals group into five independent units, which will eventually be listed separately.

Read More: Vedanta Promoter Group Signs $530 Million Facility Agreement; No Direct Impact on Company Management.

Share Price Performance 

As of April 24, 2025, at 10:50 AM, Vedanta Limited share price is trading at ₹425.20 per share, reflecting a surge of 1.67% from the previous day’s closing price. Over the past month, the stock has declined by 9.96%. The stock’s 52-week high stands at ₹526.95 per share, while its low is ₹363.00 per share.

Conclusion

As global demand for copper and cobalt continues to grow, Vedanta is focusing on reviving and expanding its Zambian operations. By raising funds through a U.S. listing, the company hopes to boost production, repay debts and invest in local communities. 

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