The UK-based mining company, Vedanta Resources, has taken the calculated decision to slightly divest one of its assets in an attempt to raise funds for its mining operations in Zambia.
The mining company recently announced its plans to sell 11.8%, about 23.5 million shares of CopperTech Metals Inc, its U.S.-based division, for sale.
The announcement follows Vedanta’s earlier this month application to list in New York.
The net proceeds could reach to $429 million, $372 million of which the company intends to use in developing its Zambian copper mining complex.
To secure capital for its Konkola Copper Mines (KCM) division, Vedanta established CopperTech in the United States during the previous year, as seen on Bloomberg.
