
Administrateur du site
Messages: 4400
Inscription: Jeu 30 Juil 2009 16:48
Localisation: la seyne sur mer
la participation de zccm évaluée à 1.2 milliard $ mais
Vedanta's Zambian copper operations to list in London
Indian mining group Vedanta Resources plans to spin off its Zambian copper assets in London, in an initial public offering that could value the business at up to $7.1bn (£4.5bn).
By Garry White 6:00AM GMT 17 Nov 2010
Comments
Konkola Copper Mines, which is 79.4pc owned by Vedanta, aims to raise $1.1bn in the process, which it will use to expand its mines in Zambia and pay down debt.
Vedanta Resources
It will be the first Zambian company listed on the London Stock Exchange and Vedanta will maintain a majority shareholding in the group.
Konkola produced about 173,000 tonnes of copper in the 12 months to March and the group plans to expand production to more than 400,000 tonnes a year by 2014.
Goldman Sachs and JPMorgan Cazenove are joint sponsors, global coordinators and bookrunners, Konkola said.
Analysts at broker Liberum Capital have calculated that the company could be worth $5.7bn, with Vedanta's share worth $4.5bn. The broker said that based on management guidance, the valuation would be closer to $7.1bn, with Vedanta's stake worth $5.7bn.
"The transaction is expected to unlock value for Vedanta shareholders with an independent listing and valuation," Anil Agarwal, Vedanta's executive chairman said.
Shares in Vedanta have been hit hard in recent weeks after the company said it planned to buy Cairn Energy's Indian oil fields and after it was refused permission to acquire a controversial bauxite mine in the Orissa region of India.
On Tuesday, Cairn Energy said that there was no guarantee that the sale to Vedanta would proceed, but that it still hoped to finalise the deal at the beginning of next year.
"Our expectation is that the deal will close in the first quarter," Michael Watts, Cairn's deputy chief executive said at an oil conference in London, echoing comments made by Mr Agarwal to The Daily Telegraph last week.