Vedanta Resources is seeking approximately $1 billion in debt financing to fund the development of its Konkola Copper Mines (KCM) in Zambia, according to Chris Griffith, head of the company's base metals unit.
Last year, the Indian corporation, which holds 80% of KCM, declared its intention to sell at least 30% of its copper mine ownership.
However, Griffith stated that it seemed less likely that a stake would be sold.
Griffith stated, "We are much more likely to raise the funds through a variety of financing options," during the Mining Indaba conference in Cape Town.
"We own 80 percent of the business and clearly we'd prefer to continue owning 80 percent of the business."
Funding of $1 billion is needed to increase KCM's copper production to 300,000 metric tons per year over the next five years.
After a five-year fight to recover the copper mines and smelter that had been taken by the government of former Zambian President Edgar Lungu, Vedanta regained control of the assets in 2024.
Through the state investment company ZCCM-IH, the Zambian government owns the remaining 20% of KCM.
Due to discrepancies in asset valuation, International Resources Holding, a company based in the United Arab Emirates, retracted its offer to purchase Vedanta's 51 percent share in the copper mines last year.
According to Griffith, Vedanta has since refinanced its bonds, improving its debt position and potentially enabling the company to raise more money both internally and externally.
He stated that it had secured short-term financing to repay outstanding debts.
