Vedanta pulls copper unit’s US listing

VEDANTA Resources has postponed the New York stock market debut of its copper subsidiary CopperTech Metals, blaming volatile conditions in global mining equities, just one day before trading was due to begin, the Financial Times has reported.CopperTech, a US-domiciled unit of the Indian conglomerate controlled by billionaire Anil Agarwal, had been seeking to raise more than $400m at a valuation of around $3.5bn. The company said institutional investors had shown strong interest during its roadshow but that recent turbulence across the copper equity sector had prompted the delay.The ASX 300 metals and mining index, which tracks major global miners, has fallen around 8% this month, weighing on sentiment despite copper itself trading near record highs on robust energy transition demand, said the FT.The postponement also coincides with a critical juncture for US copper trade policy. Commerce Secretary Howard Lutnick is to brief President Donald Trump on whether to impose fresh tariffs on refined copper imports, following last year’s 50% duty on semi-finished products and derivatives.CopperTech owns and operates Konkola Copper Mines in Zambia, an asset Vedanta regained control of in 2023 after the Zambian government had seized it four years earlier. The listing had been intended to help fund a $1bn investment commitment to revive Konkola, with the aim of more than doubling output from an estimated 140,000 tons this year to 300,000t by 2031, said the FT.CopperTech said it would revisit the IPO once market conditions stabilised.The post Vedanta pulls copper unit’s US listing appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com