Vedanta Resources reportedly engages Rand Merchant Bank to assist raise $1 billion for Konkola Copper Mines

Vedanta Resources Limited’s Zambian copper mining unit has reportedly hired Rand Merchant Bank (RMB) to help raise as much as US$1 billion in debt financing for the expansion of its operations Zambia.

According to a news report by Bloomberg obtained from Mining.com, the unit of Vedanta owned by Indian billionaire Anil Agarwal has tasked RMB with tapping lenders to fund investment at Konkola Copper Mines (KCM), according to people familiar with the matter.

Vedanta regained control of 80 percent of KCM 10 months ago after resolving a long-running dispute with the Zambian government, partly by pledging to invest US$1 billion in the operations.

The company said it had already invested US$330 million since retaking control of the mines, mainly to pay creditors.

KCM is aid to be ramping up annual copper production to 300,000 tonnes.

Output was reportedly only about 40,000 tonmes in 2023, when the assets were run by a court-appointed administrator.

While copper has been hit by fears that U.S President Donald Trump’s trade war will hurt global growth, the biggest miners are still pushing to increase output, anticipating long-term deficits of the metal that’s key to the green energy transition.

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