Vedanta in talks with IHC unit, investors for Zambian copper stake sale

International Resources Holding , the mining investment arm of United Arab Emirates’ richest company, is among investors holding talks on buying into Vedanta Resources’ Zambian copper assets, a senior Vedanta executive toldIRH, a unit of Abu Dhabi’s International Holding Company, which holds about $244 billion in assets, is interested in acquiring a stake in Konkola Copper Mines and is conducting due diligence on the assets, Chris Griffith, Vedanta’s chief executive for base metals, said.

Vedanta could sell up to 30% of its shareholding in the Konkola assets, Griffith said. The miner owns an 80% stake in the KCM and Zambia state firm ZCCM-IH the balance. He said the company wanted “a little bit more than just up to 30%”, but believed negotiation was possible.reported in April, citing sources. The Abu Dhabi company wants to build up its copper mining business in Zambia after buying a 51% stake in Mopani Copper Mines in a deal worth $1.1 billion.

“We’ve allowed that process to happen in parallel,” Griffith said. “So we’ve advanced down the road with a number of partners already that are in that process of doing their due diligence.”

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