Vedanta’s newly launched CopperTech to invest $1.5bn in Konkola
Vedanta Resources has launched CopperTech Metals, a US-domiciled company that will own and operate Zambia’s Konkola Copper Mines (KCM), connecting America’s critical mineral needs with Zambia’s historic copper legacy.
The company also announced that CopperTech would invest $1.5-billion to expand and modernise Konkola’s operations, which already benefited from about $3-billion in historic investment.
CopperTech will use AI-driven resource identification and extraction technology to lift integrated copper production from 140 000 t in the 2026 financial year to 300 000 t by 2031, with long-term plans to reach 500 000 t/y, positioning Konkola among the world’s biggest copper producers.
The new US company is led by chairperson Priya Agarwal, director at Vedanta Limited and chairperson of Hindustan Zinc, alongside Tom Albanese, director, and former CEO of Vedanta and Rio Tinto.
“CopperTech will play a significant role in connecting America’s critical mineral needs with Zambia’s historic copper legacy,” said Vedanta founder and chairperson Anil Agarwal, calling the move an “historic and pivotal moment” for both nations.
CopperTech is being launched amid growing US concerns over copper supply security. The US currently imports about 45% of its refined copper consumption, while China produces more than 45% of global copper and dominates cobalt refining.
“The next 25 years will require more copper than has been produced throughout all of human history,” said Albanese, noting the company’s strategic potential to support US infrastructure and defence industries.
The move follows the Zambian government’s 2024 decision to return management control of KCM to Vedanta. State-owned ZCCM-IH retains a 20.6% interest in KCM.
KCM boasts an average 2.9% copper grade, among the highest globally, with grades reaching 3.3% in the Konkola Deep Mine. The vertically integrated operation includes underground mines, concentrators, a smelter and a recycling facility, providing both cost and quality advantages.
CopperTech also plans to leverage the $10-billion US-backed Lobito Corridor – a transport link connecting Zambia’s Copperbelt to Angola’s Atlantic coast – to strengthen export routes for US markets.
In addition to its planned $1.5-billion investment, CopperTech will pursue new exploration, including AI-based geological surveys and “drill and fill” projects in Zambia and other jurisdictions.