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Bond Market News
Vedanta Arranges $250mn for Zambian Mine, To Sell 30% Holdings
July 8, 2024
Vedanta is said to have arranged finances to begin paying creditors of its Zambian Konkola Copper Mines (KCM) their settlement dues. Vedanta would need to payoff nearly $250mn to creditors in Zambia on or around July 8. Separately, Vedanta is said to require raising additional capital of $1bn to revive the mining operations and invest in the Konkola Deep Mining Project. For this, Vedanta is rumored to consider selling 30% of its total 80% stake in KCM to raise capital and invest it back into increasing the copper production. The Konkola Deep Mining Project is considered to be one of the richest reserves of copper elements in the world.
Vedanta’s dollar bonds were trading stable with its 9.25% 2026s at 92.5, yielding 14.1%.
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