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Vedanta In Talks to Raise Capital for Reviving KCM, say Sources
April 30, 2024
Vedanta Resources is said to be in talks to strike a deal with trading houses to raise capital for revving its 80%-owned Zambian copper mine, Konkola Copper Mines (KCM). Sources noted that Vedanta has discussed tolling and prepayment facilities with commodity traders. They added that Vedanta is also also exploring a minority stake sale in KCM to pay off creditors and invest in those mines that entered provisional liquidation in 2019. Last year, Vedanta Resources agreed to pay $250mn that it owed to its creditors and suppliers in Zambia. It also committed an additional $1bn towards KCM over five years for an underground expansion. The operations of KCM will be returned to Vedanta if the copper mines’ creditors approve the debt-repayment deal next month. KCM is considered to be among Vedanta’s prized assets
Vedanta’s dollar bonds are trading stable – its 9.25% 2026s are at 80.56, yielding 21.9%.
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