Vedanta Resources Considers Listing Konkola Copper Mines To Raise Funds

Vedanta Resources Considers Listing Konkola Copper Mines To Raise Funds

Pledges to invest $1 billion in the operation as part of negotiations with the Zambian administration

Vedanta Resources, the mining and energy company of Indian billionaire Anil Agarwal, is considering listing its unit Konkola Copper Mines to raise funds to invest in the asset.

Ajay Goel, the chief financial officer of Mumbai-listed Vedanta Ltd, remarked, “Listing is an option. It is hard to give a timeline, but it’s under active consideration.”

The company regained control of the Konkola assets in Zambia in 2024, after the southern African nation’s government triggered its provisional liquidation about five years ago. The administration accused Vedanta of lying about expansion plans and paying meagre taxes.

Vedanta has pledged to invest $1 billion in the operations as part of the negotiations with the state to secure its return to Konkola.

Konkola possesses resources with copper concentrations much higher than those in South America. It is the largest global source of the metal needed to build electric cars and artificial intelligence (AI) data centers.

However, the deposits are also deep underground, where vast rivers make the operation one of the world’s wettest.