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According to Vedanta official, International Resources Holding (IRH), the mining investment arm of United Arab Emirates' richest company, is among investors holding talks on buying into Vedanta Resources' Zambian copper assets.
IRH, a unit of Abu Dhabi's International Holding Company (IHC.AD), opens new tab which holds about $244 billion in assets, is interested in acquiring a stake in Konkola Copper Mines (KCM) and is conducting due diligence on the assets, Chris Griffith, Vedanta's chief executive for base metals, said.
The KCM assets have also attracted interest from other investors, Griffith told on the sidelines of a mining conference in London, declining to provide names.
Vedanta, owned by Indian billionaire Anil Agarwal, wants to sell a stake in the copper mines to raise about $1.2 billion required to revive operations and boost copper output.
Vedanta waged a five-year battle to recover the copper mines and smelter that were seized by Zambia's previous administration of former president Edgar Lungu after it accused the company of failing to invest in expanding copper production.
Vedanta could sell up to 30% of its shareholding in the Konkola assets, Griffith said. The miner owns an 80% stake in the KCM and Zambia state firm, opens new tab the balance.
"IRH have been in discussions with us and have been part of the data-room process," Griffith said in an interview.
He said the company wanted "a little bit more than just up to 30%", but believed negotiation was possible.
IRH offered to buy a 51% stake in the KCM assets for more than $1 billion, citing sources. The Abu Dhabi company wants to build up its copper mining business in Zambia after buying a 51% stake in Mopani Copper Mines in a deal worth $1.1 billion.
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