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Vedanta undefined Metals CEO Chris Griffith said on Wednesday that the firm is in talks with several finance partners to acquire funds for the restart of its Konkola Copper Mines subsidiary in Zambia, including the sale of a minority investment in KCM.
If a minority stake is sold, Vedanta will remain the unit's largest stakeholder, Griffith said in an interview on the sidelines of an African mining conference in Cape Town. "We are in the fundraising process at the moment to raise $1.3 billion," he said. "It will be any range of potential financing outcomes, one of which is a potential equity sale into Vedanta's 80% that we own in KCM."
Zambia agreed last September to return control of KCM to Vedanta, which is owned by Indian billionaire Anil Agarwal, bringing an end to a dispute over asset ownership that flared in 2019 when authorities seized the mines. Vedanta will retain a majority stake and operational control in KCM, in which the Zambian government also owns a 20% stake through state firm ZCCM-IH. Griffith, a South African mining veteran, was appointed to run the br metals unit, last year. Griffith said the financing could be raised in stages, and much would depend on the structure of the deal.
The CEO said Vedanta could raise copper output at KCM's mines to about 200,000 tons after taking over operational control of the assets. Output at the mines plunged after they were starved of fresh investment during a protracted legal battle with the then government for control of the assets. Vedanta has pledged about $1 billion in spending at the operations spread over five years.
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