+
Vedanta Resources Aims to Raise $1 Bn
ECONOMY & POLICY

Vedanta Resources Aims to Raise $1 Bn

Vedanta Resources is trying to raise around $1 billion in debt financing to fund development of its Konkola Copper Mines (KCM) in Zambia, Chris Griffith, head of the company's base metals unit, said. The Indian company, which owns 80 per cent of KCM, said last year it planned to sell at least 30 per cent of its holding in the copper mines. 

But Griffith said selling a stake looked less likely. Vedanta, owned by Indian billionaire Anil Agarwal, is weighing various debt fund raising options, Griffith said without specifying details.

It wants the $1 billion in funding to boost copper output at KCM to about 300,000 metric tons per year over the next five years. Vedanta regained control of the assets in 2024 after a five-year tussle to recover the copper mines and smelter that the government of former Zambian president Edgar Lungu had seized. The former administration accused Vedanta of failing to invest to expand copper production.

The Zambian government owns the remaining 20 per cent stake in KCM through state investment firm ZCCM-IH. United Arab Emirates firm International Resources Holding last year withdrew an offer to buy Vedanta's 51 per cent stake in the copper mines, citing differences in valuation of the assets.

Since then, Vedanta's debt position has improved after it refinanced its bonds and this might help the company to raise more cash internally alongside external debt options, Griffith said. He said it had secured short-term financing to pay outstanding debts.

Vedanta Resources is trying to raise around $1 billion in debt financing to fund development of its Konkola Copper Mines (KCM) in Zambia, Chris Griffith, head of the company's base metals unit, said. The Indian company, which owns 80 per cent of KCM, said last year it planned to sell at least 30 per cent of its holding in the copper mines. But Griffith said selling a stake looked less likely. Vedanta, owned by Indian billionaire Anil Agarwal, is weighing various debt fund raising options, Griffith said without specifying details.It wants the $1 billion in funding to boost copper output at KCM to about 300,000 metric tons per year over the next five years. Vedanta regained control of the assets in 2024 after a five-year tussle to recover the copper mines and smelter that the government of former Zambian president Edgar Lungu had seized. The former administration accused Vedanta of failing to invest to expand copper production.The Zambian government owns the remaining 20 per cent stake in KCM through state investment firm ZCCM-IH. United Arab Emirates firm International Resources Holding last year withdrew an offer to buy Vedanta's 51 per cent stake in the copper mines, citing differences in valuation of the assets.Since then, Vedanta's debt position has improved after it refinanced its bonds and this might help the company to raise more cash internally alongside external debt options, Griffith said. He said it had secured short-term financing to pay outstanding debts.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code