Vedanta Subsidiary Seeks NYSE Listing to Fund Zambian Copper Operations

MT Newswires Live06-04

A division of Vedanta (NSE:VEDL) has submitted an application for an intial public offering in New York as part of a broader strategy to secure financing for its Zambian copper mining assets, according to a filing with the U.S. Securities and Exchange Commission.

CopperTech Metals, established last year, serves as Vedanta's U.S.-based vehicle to channel funds into the Konkola Copper Mines (KCM).

Roughly one-third of a promised $1 billion loan to KCM has already been provided, and CopperTech intends to use $670 million from the NYSE offering to pay the remaining amount, according to a Tuesday prospectus.

However, the share count and fundraising target remain undisclosed.

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