Vedanta Resources Ltd., the diversified mining group chaired by Indian billionaire Anil Agarwal, has launched a new subsidiary, CopperTech Metals Inc., to oversee operations at its Konkola Copper Mines (KCM) in Zambia, marking a significant step in the company’s renewed investment drive in the country’s copper sector.
The restructuring includes a commitment to invest an additional $1.5 billion to raise Konkola’s output to 300,000 tons by 2031, aligning with Zambia’s broader goal of establishing itself as a key global copper supplier amid tightening supplies and rising demand from the electric vehicle and renewable energy sectors.
According to the International Energy Agency (IEA), the global copper supply deficit could reach 30 percent by 2035, highlighting the strategic importance of Zambia’s expanding mining sector.
As Africa’s second-largest copper producer, Zambia aims to increase national production to 3 million tons by 2031, up from 821,670 tons in 2024, supported by significant investments from major mining companies.
Barrick Gold plans a $2 billion expansion to double output at its Lumwana mine, while China’s JCHX Mining Management has committed $300 million to extend the life of the Lubambe mine.
At Konkola, Vedanta’s planned $1.5 billion investment builds on the $3 billion already invested in recent years, with the mine expected to produce 140,000 tons in the 2026 fiscal year.
Notably, Anil Agarwal’s Vedanta lost control of Konkola Copper Mines (KCM) in 2019, when the Zambian government placed the mine under provisional liquidation, citing the company’s insufficient investment in expansion and alleged non-compliance with tax obligations.
The company regained control in July 2024 after settling outstanding dues of approximately $245.75 million under a scheme of arrangement with the Zambian government. This restoration marked a critical turning point for Anil Agarwal after years of legal and operational uncertainty.
Source: Africabusinessinsider
