Vedanta – KCM IPO Update

Author: Viceroy Research Published on: November 7, 2025 Published in: Vedanta (NSE:VEDL)

November 7, 2025 – On November 6, 2025, the Financial Times reported that Vedanta Resources Limited (VRL) had transferred its interest in Konkola Copper Mines (KCM) to a US entity, CopperTech Metals. This confirms Viceroy’s previous concerns that VRL could not meet its funding commitments and are now trying to sell the problem to someone else.

This announcement is more likely designed to hide a $1b hole in VRL’s deleveraging strategy and delay Zambian enforcement ahead of a $206m investment due in December. VRL has floated and abandoned KCM fundraising schemes before including an IPO, stake sale, and debt raise.

VRL doesn’t have a $1.5b IPO plan. It has a $2m marketing plan focused on:

Distracting bondholders and ratings agencies from the $1b black hole in their deleveraging strategy. The CopperTech IPO maintains the illusion of progress, while no capital has been raised.
Delaying action from ZCCM and the Zambian government as VRL faces a $206m investment deadline it has not met. US listing hype is intended to ward off enforcement or repossession.
Misrepresenting a Zambian asset, owned by a UK-domiciled conglomerate directed by and Indian national as somehow critical to US mineral security.

If CopperTech Metals ever lists, we will pre-emptively issue a sell rating on the stock.

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