Vedanta preps Konkola for UK listing

By Lee Wild

Date: Tuesday 16 Nov 2010

Vedanta Resources has confirmed its intention to list Konkola Resources on London’s main market in a float that could be worth about $6bn (£3.7bn).

The Indian miner said Konkola, the holding company of Zambia’s largest mining and metals company Konkola Copper Mines, will begin trading once the initial public offering is complete.

No date has been set, but talk is it will be before the end of the year.

"Since we became involved with KCM in Zambia in 2004, we have seen it deliver a number of landmark projects and substantially increase its copper reserves,” sad Vedanta’s executive chairman Anil Agarwal.

“We look forward to seeing significant growth in Konkola Resources in the coming years, in what is undoubtedly one of the most attractive commodities and one of the premium destinations for copper production. The transaction is expected to unlock value for Vedanta shareholders with an independent listing and valuation."

Vedanta, which will remain a majority shareholder in the newly listed company, is also said to being mulling a public quote for its $4bn Sterlite Energy division.

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