Vedanta Resources Ltd.’s Zambian copper mining unit has hired Rand Merchant Bank to help raise as much as $1 billion in debt financing for the expansion of its operations in the country.
The unit of Vedanta — owned by Indian billionaire Anil Agarwal — has tasked RMB with tapping lenders to fund investment at Konkola Copper Mines, according to people familiar with the matter. The debt-funding plans are at an early stage, the people said, asking not to be named discussing a private matter.
Vedanta regained control of 80% of KCM 10 months ago after resolving a long-running dispute with the Zambian government, partly by pledging to invest $1 billion in the operations. The company said it’s already invested $330 million since retaking…
