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Mining major Vedanta is keeping the initial public offering (IPO) route open for Zambia-based and Vedanta Resources-owned Konkola Copper Mines (KCM) as part of its long-term strategy to revive and unlock value from one of the world’s largest copper deposits, Chief Financial Officer Ajay Goel told Moneycontrol in an exclusive interview on April 30.

The company is looking to raise $1 billion in funding to boost copper output at KCM to about 300,000 metric tonne per year over the next five years.

"It (KCM) has 16 million tonnes of reserves and resources with the highest copper grade. And we believe it is in fact a gold mine, not a copper mine. Right now, the focus remains in terms of the mine becoming fully operational, and we reach its nameplate capacity and that will lead the inflation of capital. We are raising money at KCM without stretching the parent balance sheet. For the largest scheme of value creation in fullness of time even IPO is an option, but that will be in some time. We haven't reached a position of conclusion as of now," the CFO said.

Vedanta’s plan to raise funds for the Zambian copper assets was first reported by Reuters on April 23, which said citing sources that the parent of the mining conglomerate, Vedanta Resources, is considering a US public listing for Konkola Copper Mines as an option to raise $1 billion for mine development. The report said Vedanta Resources has hired Barclays and Citigroup to advise on IPO plans.

Goel did not comment further on the capital raising.

With copper content exceeding 2.4%, KCM is considered among the richest sources of high-grade copper globally. The mine also holds substantial cobalt reserves and resources, positioning it as a potential top-five cobalt producer worldwide. Vedanta aims to significantly boost production at the site, with plans to increase copper and cobalt output as it looks to tap into the growing demand for these metals, driven by global energy transition and the rise of electric vehicles.

Konkola Copper Mines also has cobalt reserves and resources amounting to 412,000 tonnes, reinforcing its potential to be one of the top five cobalt producers globally.

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