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Vedanta Resources is considering listing its Zambian subsidiary, Konkola Copper Mines (KCM), in the United States as part of efforts to raise approximately US$1 billion for mine expansion.
According to a Reuters report, the company—controlled by Indian investor Anil Agarwal—has engaged Barclays and Citigroup to advise on a potential initial public offering (IPO), with New York under consideration as a listing venue.
Sources familiar with the matter said discussions are at an early stage, with no set timeline.
The IPO is part of Vedanta’s strategy to increase KCM’s copper output to 300,000 metric tons per year over the next five years.
The company is evaluating several financing options, including debt, equity, and internal accruals.
Vedanta’s Chief Financial Officer, Ajay Goel, confirmed the IPO option was under review but did not disclose further details.
A Vedanta spokesperson also confirmed that “various financing alternatives” are being assessed to support global operations, while Citigroup and Barclays declined to comment.
In February, Vedanta reiterated its commitment to invest US$1 billion in KCM over five years but noted it was still seeking appropriate funding.
Chris Griffith, Head of Vedanta’s Base Metals Unit, said the company prefers to retain its 80 percent stake in KCM and is focused on debt-raising strategies to support the expansion.
KCM remains one of Zambia’s largest integrated copper producers, and the planned investment highlights Vedanta’s push to scale up its role in the global copper supply chain.
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