Vedanta Resources is spinning out U.S.-domiciled CopperTech Metals to boost the parent company’s $3-billion investment in Konkola Copper Mines in Zambia.
CopperTech plans to invest $1.5 billion more in Konkola, one of the world’s highest-grade producing assets at 2.4% copper plus cobalt reserves, privately-held Vedanta said last week. It intends to more than double annual copper production to 300,000 tonnes by 2031 from 140,000 tonnes forecast in fiscal 2026, and eventually hit 500,000 tonnes per year.
“CopperTech will play a significant role in connecting America’s critical mineral needs with Zambia’s historic copper legacy,” Anil Agarwal, founder and chairman of India-focused Vedanta, said in a release. “This partnership will unlock a wave of innovation and advancement in clean energy, technology and industrial progress on both sides of the Atlantic.”
CopperTech’s operations in Zambia offers American supply chains geographic diversification as the United Nations forecasts global copper demand to grow by over 40% by 2040. Conflict-plagued Democratic Republic of Congo accounts for over 80% of cobalt production and China accounts for over 70% of cobalt refinement.
Resource
Konkola Copper Mines’ operations in Zambia contain combined reserves and resources of about 16 million tonnes of copper and 412,000 tonnes of cobalt, positioning the asset among the world’s larger high-grade copper and emerging cobalt producers, according to Vedanta Resources in 2024.
The company has constructed a deep mine shaft, a smelter and a concentrator at the site. Zambia’s state-owned mining investment firm ZCCM-IH holds 21% of Konkola.
CopperTech Metals intends to leverage advanced mining and AI-driven resource identification and extraction technology to expand production capacity and enhance operational efficiency, Vedanta said.
Copper demand
The London-based miner also said it will be capitalizing on surging copper demand driven by data centre expansion, grid modernization, defence technologies and industrial onshoring requirements.
According to the 2024 U.S. Geological Survey, the U.S. imports about 45% of its refined copper consumption, while China produces more than 45% of the world’s copper.
“The next 25 years will require more copper than has been produced throughout all of human history,” CopperTech Metals Director Tom Albanese said. “CopperTech is well positioned to serve as a strategic partner for America’s infrastructure needs.”
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