Weidanta is to spin off the copper mining company CopperTech Metals (CUX.US) in the United States with an IPO price of $16-18 per share, aiming to raise $400 million.

According to the Zhtng finance and economics app, CopperTech Metals, a Zambian copper mining company spun off from Vedanta in India, announced the terms of its initial public offering (IPO) on Tuesday. The New York-based company plans to raise $400 million by issuing 23.5 million shares of stock at a price range of $16 to $18 per share. At the midpoint of the price range, CopperTech Metals' fully diluted market value will reach $3.4 billion.