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Indian mining conglomerate Vedanta Resources has pulled the US listing of its copper unit a day before it was to start trading, citing volatile market conditions.
CopperTech Metals, a US-domiciled subsidiary of Vedanta, which is owned by Indian billionaire Anil Agarwal, said on Tuesday it would delay its initial public offering. CopperTech, unveiled by Vedanta last year, owns and operates the Konkola Copper Mines in Zambia.
The new unit launched a roadshow for the IPO this month, and had been aiming to raise more than $400mn at a valuation of about $3.5bn. It was scheduled to start trading on Wednesday.
But CopperTech said: “Following careful consideration of current market conditions and recent volatility across the global copper equity sector, Vedanta and CopperTech have decided to postpone the proposed IPO.”
The delay came despite CopperTech saying that institutional investors had shown “strong interest”.
The ASX 300 metals and mining index — which tracks global miners such as BHP and Rio Tinto — is down about 8 per cent this month, though the red metal is trading near record highs amid high demand for its role in the energy transition.
The decision comes as the market is poised for possible new US tariffs on refined copper imports. Commerce secretary Howard Lutnick has a Tuesday deadline to update President Donald Trump about the functioning of the market and whether he should impose the levies.
The administration last year imposed a 50 per cent duty on semi-finished products, such as copper pipes, and so-called derivative products, including pipe fittings.
CopperTech’s listing had been seen as a move to capitalise on enthusiasm in US markets for critical minerals companies, thanks to the administration’s push to boost the domestic mining sector.
The company told the FT last year that it planned to raise $1.5bn, which would cover Vedanta’s commitment to invest $1bn to revive Konkola under a deal that it made in 2023 to regain control of the asset after it was seized by Zambia’s government in 2019.
That money would be invested in developing the Konkola complex, with the aim of more than doubling copper production from an estimated 140,000 tonnes in 2026 to 300,000 tonnes by 2031.
Copper prices have rallied to a series of record highs in the past year also due to disruptions at big mines.
