Vedanta Resources announced on November 6 the launch of CopperTech Metals Inc., a newly formed subsidiary that will oversee operations at its Konkola copper mine in Zambia.
As part of this restructuring, the company confirmed it will inject an additional $1.5 billion to raise production to 300,000 tons by 2031, aligning its strategy with the broader surge of investment flowing into Zambia’s copper sector.
Zambia has set an ambitious goal to lift national copper production to 3 million tons by 2031, a significant jump from the 821,670 tons recorded in 2024. Several global mining companies are expanding operations to support this target.
Canada’s Barrick Mining plans a $2 billion expansion to double output at its Lumwana mine, while China’s JCHX intends to invest $300 million to extend the life of the Lubambe mine.
According to Ecofin Agency, Vedanta’s planned $1.5 billion commitment will build on the $3 billion already invested at Konkola in recent years.
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The company’s increased capital spending is aimed at boosting production capacity and supporting Zambia’s long-term national growth strategy at a time when global copper demand is accelerating, driven by the clean energy transition and heightened consumption from the artificial intelligence industry.
The International Energy Agency (IEA) warns that the copper market could face a supply deficit of up to 30% by 2035.
When combined with ongoing supply chain disruptions, these pressures underline the critical role that new and expanded copper mines will play in stabilizing future supply, assuming the announced investments move forward as planned.
Vedanta has not yet revealed how it intends to finance the latest Konkola investment, despite ongoing efforts to reduce its debt and strengthen its balance sheet.
For now, the company projects 140,000 tons of copper output from Konkola in its 2026 fiscal year. Nationally, Zambia expects to reach 1 million tons of copper production this year.
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Image Credit: Business Standard
