Key Points
- Vedanta launches CopperTech Metals to manage Konkola mine operations in Zambia.
- The company plans $1.5 billion investment to boost production to 300,000 tons by 2031.
- Zambia aims to raise national copper output while Vedanta works to strengthen government and community relations.
Vedanta Resources Ltd., chaired by Indian billionaire Anil Agarwal, will invest $1.5 billion to increase production at its Konkola copper mine in Zambia.
The company also launched a new unit, CopperTech Metals Inc., to manage operations at the mine.
Vedanta regained control of Konkola in July 2024 after a court approved the takeover, ending a period under a state-appointed provisional liquidator that began in 2019.
The company aims to raise output to 300,000 tons annually by 2031.
Zambia Targets Higher Copper Output
Zambia, Africa’s second-largest copper producer, hopes to raise national production to 3 million tons by 2031, up from 821,670 tons in 2024. Other major mining companies are also investing.
Canada’s Barrick plans a $2 billion expansion at its Lumwana mine, while China’s JCHX has committed $300 million to extend the life of Lubambe mine.
Vedanta has invested over $3 billion in Konkola in recent years. The company expects the mine to produce 140,000 tons in the 2026 fiscal year.
Details of how the new $1.5 billion investment will be funded have not been disclosed. Vedanta is currently working to reduce debt and adjust its capital structure.
Global Presence and Financial Performance
Based in London, Vedanta operates in India, South Africa, Zambia, Namibia, Liberia, the UAE, Saudi Arabia, South Korea, Taiwan, and Japan.
Its holdings include copper, zinc, lead, silver, iron ore, nickel, aluminum, oil and gas, steel, power, and glass substrates. The company has also shown interest in semiconductors and display glass.
For the fiscal year ending March 31, Vedanta reported revenue of $18.2 billion, up 6 percent from the previous year, while consolidated EBITDA rose 16 percent to $5.5 billion.
Agarwal Focuses on Zambia
Anil Agarwal, who joined Vedanta’s board in 2003 and has served as executive chairman since 2005, is estimated by Forbes to have a net worth of $2.2 billion. He also serves as a director of Sterlite Technologies, Conclave PTC, and the Anil Agarwal Foundation.
Zambia remains central to Agarwal’s copper plans. Vedanta aims to rebuild trust with workers, suppliers, and the Zambian government as it ramps up production at Konkola.
