Indian mining conglomerate Vedanta Resources has postponed the initial public offering (IPO) of its copper unit, CopperTech Metals, just one day before the shares were scheduled to begin trading. The decision comes amid volatile conditions in the global copper market and uncertainty over potential new U.S. tariffs on refined copper imports.

CopperTech, a U.S.-based subsidiary owned by Vedanta founder Anil Agarwal, operates the Konkola Copper Mines in Zambia. The company had launched an IPO roadshow in June and planned to raise over $400 million at an estimated valuation of approximately $3.5 billion. The listing was intended to tap into investor enthusiasm for critical minerals, particularly amid U.S. government efforts to boost domestic mining and reduce reliance on foreign sources.

In a statement, CopperTech said it had reconsidered the offering "following careful consideration of current market conditions and recent volatility across the global copper equity sector." The postponement was announced despite assertions that institutional investors had expressed “strong interest” in the IPO.

The broader mining sector has faced pressure in recent weeks, with the ASX 300 metals and mining index—tracking major miners such as BHP and Rio Tinto—declining around 8 percent during the month. Despite this, copper prices have remained near record highs, driven by heightened demand linked to the energy transition and supply disruptions at key mining sites.

Separately, the U.S. administration is weighing new tariffs on refined copper products amid trade concerns. Commerce Secretary Howard Lutnick was scheduled to brief President Donald Trump on the state of the copper market and the possible imposition of levies. Last year, the administration imposed a 50 percent tariff on semi-finished copper products and derivative items including pipe fittings, as part of broader trade measures.

Vedanta’s earlier plan was to raise $1.5 billion through the IPO to fulfill its $1 billion investment commitment to revitalize the Konkola Copper Mines. Vedanta regained control of the Zambian operations in 2023 after the government had seized the assets in 2019. The planned investment aims to expand copper production from roughly 140,000 tonnes projected in 2026 to 300,000 tonnes by 2031.

The withdrawal underscores ongoing uncertainties in the copper sector, where record prices coexist with equity market volatility and geopolitical trade tensions. CopperTech and Vedanta did not provide a revised timeline for the IPO.