Indian billionaire Anil Agarwal’s Vedanta Resources is reportedly in advanced talks with international banks for a $500 million loan to refinance debt and fund operations at its Konkola Copper Mines in Zambia.
The financing, expected to be signed early next year, will help Vedanta reduce higher-cost debt and support expansion at one of its most strategic overseas assets. The loan is set to run for four years, with part of the funds earmarked for capital spending at Konkola and the rest for existing debt repayment.
Leading banks in the deal include Citigroup, Barclays, Mashreq, Standard Chartered, and Sumitomo Mitsui Banking Corp. Vedanta has also leveraged income from its Indian operations to support the financing.
Over the past few years, Vedanta has trimmed gross debt by more than $4 billion, while its revenue reached $18.2 billion for the year ended March 2025.
The company plans to invest $1.5 billion to increase copper output at Konkola by 2031, cementing Zambia as a key pillar of its global operations.-Billiionaires.Africa