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Vedanta unit targets IPO in New York to fund Zambia copper mines

Financialpost.com  

CopperTech Metals, a unit of Vedanta Resources, has applied to sell shares in an initial public offering on the New York Stock Exchange. The company plans to use the proceeds to mobilise funds for the Konkola Copper Mines business, in which Vedanta holds an 80% stake.CopperTech Metals was set up last year to support the copper mining complex. The company intends to allocate USD 670 million from the offering proceeds to cover the outstanding balance of a USD 1 Billion loan commitment made by Vedanta to the mining business as part of a settlement with the Zambian government.The firm plans to use the capital to complete the underground Konkola Deep mining operation.