Jeu 14 Fév 2013 15:54 de LesCrozes
African Mining Deal of the Year 2012: Konkola Copper
14 February 2013
Vedanta Resources has been considering an initial public offering for its Konkola Copper Mines subsidiary for over two years.
Given the controlling sponsor’s sprawling operations and strong following among lenders, Konkola has usually been able to benefit from access to the parent company balance sheet. But the $700 million debt financing that Konkola Copper Mines closed in November 2012 marks that start of its existence as a standalone entity.
Vedanta, which is UK-listed but Indian-based, bought a 51% controlling stake in Konkola in November 2004, and now owns 79.4% of the Zambian copper producer, with ZCCM-IH owning the rest, except for a single golden share in the hands of the Zambian government. Public shareholders in turn own 12.4% of ZCCM-IH, and the Zambian Government owns the other 87.6%.
The board of Konkola Copper Mines approved the Konkola deep mining project in 2005. The project was...
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