Vedanta Resources’ subsidiary, CopperTech Metals Inc., has filed confidential draft papers with the US Securities and Exchange Commission for a potential IPO in the US.
Following the news, Vedanta’s shares rose over 2%. The proposed listing aims to raise funds to support the expansion of the Konkola copper mine, a project requiring more than USD 1 billion.
The IPO will move forward only after SEC approval and favorable market conditions. Investors are watching closely, as this move could strengthen Vedanta’s global presence in copper production and provide significant capital for its large-scale mining operations.