Vedanta to float Zambian copper miner in London

Marion Dakers
VEDANTA investors picked over the details of its $1.1bn (£692m)?plan to list its Zambian copper company on the London stock market yesterday.

Liberum Capital said in a note that the total value of Konkola Copper Mines, which is 79.4 per cent owned by Vedanta, could be worth up to $7.1bn if it hits increased quotas.

However, other analysts are unsure the firm could hit its ambitious targets, which include more than doubling copper production from 173,000 tonnes to 400,000 tonnes a year.

A spokesperson declined to put a figure on the value of Konkola.

Konkola, which is set to be the first Zambian company to have a primary listing in the UK, has hired Goldman Sachs and JP Morgan Cazenove to act as joint sponsors and bookrunners.

The team at JP Morgan includes Joe Seifert, a vice president at the bank who advised Vedanta Resources on its $775m bond issue in March and miner Xstrata on its $5.9bn rights issue last year. Chris Nichols and Laurence Holligworth are also advising.

Goldman Sachs’ advisers include head of equity capital markets Matthew Westerman, Richard Cormack and Philip Lindop.