Konkola Copper Mine has reached an agreement to go IPO.

Konkola Copper Mines, Vedanta Resources Plc’s Zambian unit cleared that rumor that it’s going IPO. According to the report posted in steelguru.com, the company  has not reached the decision of offering its stocks for public.

Previous reports stated that Vedanta, the metal producer that has assets in Australia and Africa, is planning to increase it shares to 4.5 billion pounds by selling some of its shares in Konkola. According to the the London publication the company is expected to resort to IPO last however, the newspaper failed t identify its source.

However, according to the spokesperson of Konkola that is based in northern Zambia, they have not reached the decision of of bringing to the company to the listing process.

This is not the first a big company has resorted to selling some of its shares to interested investors.

Vendata however released a statement in November  that the company is aiming to generate USD 1.1 billion from Konkola for its IPO in the 2011.

Konkola, was able to  produced about 217,000 tonnes of copper last year, 2010, and is targeting to for a yearly output of 400,000 tonnes. The target is expected to materialize once its Konkola Deep Mine Project will come to operation.

According to analysts, selling some shares of Konkola will bring positive effect to the company, particularly on its financial strength.

This entry was posted on Monday, May 30th, 2011 at 12:30 am and is filed under Mining Investment. Tags: IPO, KCM. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.