Vedanta Resources explores fundraising for Zambia copper mine
ECONOMY & POLICY

Vedanta Resources explores fundraising for Zambia copper mine

Vedanta Resources (VRL), owned by Anil Agarwal, has engaged Standard Chartered Bank to raise funds for its Konkola copper mine assets. According to VRL, they are currently in discussions with various potential partners for both short-term funds and long-term equity financing for the Zambian project.

A Vedanta official stated that their commitment lies in optimizing capital allocation and driving expansion, which is a fundamental aspect of their strategy for the mines. They believe this approach will enhance value creation and operationalise the Konkola Copper Mines (KCM).

A spokesperson for Vedanta mentioned that Standard Chartered Bank is supporting Vedanta in managing its capital structure and ensuring the availability of funds to meet its obligations and sustain operations. They emphasised that it's common for large corporations to engage with financial institutions for such purposes.

Regarding reports of Dubai-based fund International Resources Holdings (IRH) offering to purchase a 51 percent stake in the Zambian project for $1 billion, Vedanta stated that they cannot disclose the identities of partners or investors due to the sensitivity of on-going discussions.

Vedanta reaffirmed its commitment to Zambia and its people, aligning with the country?s vision of producing over 3 million metric tonnes of copper annually within the next 10 years.

The spokesperson expressed optimism about a swift resolution of all pending matters in the Zambian High Court. They noted that the process has already commenced, with creditors? meetings scheduled for May 24 and May 30.

Vedanta Resources (VRL), owned by Anil Agarwal, has engaged Standard Chartered Bank to raise funds for its Konkola copper mine assets. According to VRL, they are currently in discussions with various potential partners for both short-term funds and long-term equity financing for the Zambian project. A Vedanta official stated that their commitment lies in optimizing capital allocation and driving expansion, which is a fundamental aspect of their strategy for the mines. They believe this approach will enhance value creation and operationalise the Konkola Copper Mines (KCM). A spokesperson for Vedanta mentioned that Standard Chartered Bank is supporting Vedanta in managing its capital structure and ensuring the availability of funds to meet its obligations and sustain operations. They emphasised that it's common for large corporations to engage with financial institutions for such purposes. Regarding reports of Dubai-based fund International Resources Holdings (IRH) offering to purchase a 51 percent stake in the Zambian project for $1 billion, Vedanta stated that they cannot disclose the identities of partners or investors due to the sensitivity of on-going discussions. Vedanta reaffirmed its commitment to Zambia and its people, aligning with the country?s vision of producing over 3 million metric tonnes of copper annually within the next 10 years. The spokesperson expressed optimism about a swift resolution of all pending matters in the Zambian High Court. They noted that the process has already commenced, with creditors? meetings scheduled for May 24 and May 30.

Next Story
Infrastructure Urban

Reliance, Diehl Advance Pact for Precision-Guided Munitions

Diehl Defence CEO Helmut Rauch and Reliance Group’s Founder Chairman Anil D. Ambani have held discussions to advance their ongoing strategic partnership focused on Guided and Terminally Guided Munitions (TGM), under a cooperation agreement originally signed in 2019.This collaboration underscores Diehl Defence’s long-term commitment to the Indian market and its support for the Indian Government’s Make in India initiative. The partnership’s current emphasis is on the urgent supply of the Vulcano 155mm Precision Guided Munition system to the Indian Armed Forces.Simultaneously, the “Vulc..

Next Story
Infrastructure Urban

Modis Navnirman to Migrate to Main Board, Merge Subsidiary

Modis Navnirman Limited has announced that its Board of Directors has approved a key strategic initiative involving migration from the BSE SME platform to the Main Board of both BSE and NSE, alongside a merger with its wholly owned subsidiary, Shree Modis Navnirman Private Limited.The move to the main boards marks a major milestone in the company’s growth trajectory, reflecting its consistent financial performance, robust corporate governance, and long-term commitment to value creation. This transition will grant the company access to a broader investor base, improve market participation, en..

Next Story
Infrastructure Urban

Global Capital Flows Remain Subdued, EMEA Leads in Q1 2025

The Bharat InvITs Association’s industry update for Q1 2025 shows subdued global capital flows, with investment volumes remaining at the lower end of the five-year range despite a late 2024 recovery. According to data from Colliers and MSCI Real Capital Analytics, activity in North America declined slightly, while EMEA maintained steady levels and emerged as the top region for investment in standing assets.The EMEA region now hosts seven of the top ten cross-border capital destinations for standing assets, pushing the United States’ share of global activity below 15 per cent. Meanwhile, in..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?