Vedanta weighs US listing to raise $1bn for Zambian copper assets

VEDANTA Resources, is considering a US public listing for its Zambian unit Konkola Copper Mines as one of its options to try to raise about $1 billion for mine development, three sources familiar with the details, told Reuters.

- REUTERS

The miner, owned by Indian billionaire Anil Agarwal, has hired Barclays and Citigroup to advise on the plans for an initial public offering, said the sources, who declined to be named due to sensitivity around the discussions.

Vedanta is considering New York as one of the options to list KCM, as the Zambian unit is known, the sources said.

They said the discussions were at an early stage and a timeline had yet to be finalised.A spokesperson for Vedanta Resources declined to comment beyond saying various options were under consideration.

"We continue to evaluate a range of financing options, including internal accruals, debt instruments, and equity options, as we invest and grow our operations across the world,” the spokesperson said.

Citigroup declined to comment, while Barclays did not respond to emailed questions from Reuters.