LUSAKA, June 19 – ZCCM Investment Holdings says Vedanta Resources’ planned U.S. initial public offering of its copper business could significantly accelerate the $2.7 billion expansion of Konkola Copper Mines, supporting Zambia’s ambition to become one of the world’s leading copper producers.
Vedanta is preparing to list its U.S.-based copper and cobalt business, CopperTech Metals, which will own its 79% stake in Konkola Copper Mines. ZCCM Investment Holdings owns the remaining 21% of the mining operation.
The proposed listing is expected to provide additional capital to accelerate development of the Konkola Deep Mine Programme (KDMP), one of Zambia’s largest mining investment projects.
Speaking during ZCCM’s Capital Markets Day in Paris, Board Chairman Phesto Musonda said the planned listing could shorten the project’s implementation timeline by approximately three years.
“The commitment by Vedanta was that they would spend $1.1 billion on the KDMP in the next five years, but with the listing now, we have adjusted the timeline,” Musonda said.
“We are saying this cash is available now. The investment has been brought forward to 2028, and we are going to have the KDMP development well before the original five-year schedule.”
Vedanta did not immediately comment on the proposed timeline.
The Konkola Deep Mine Programme aims to increase annual copper production at Konkola Copper Mines to 300,000 metric tons by 2031, up from approximately 80,215 metric tons produced last year.
The expansion includes the development of one of Zambia’s deepest underground mine shafts, extending to approximately 1,500 metres, alongside major investments in mine dewatering systems and mineral processing infrastructure.
The project forms part of Zambia’s broader strategy to increase national copper production to 3 million metric tons annually by 2031, compared with approximately 890,346 metric tons produced in 2025.
The government is seeking to capitalize on growing global demand for copper, driven by the rapid expansion of renewable energy, electric vehicles, battery manufacturing and power infrastructure.
Vedanta regained control of Konkola Copper Mines in 2023 after the asset was placed under provisional liquidation in 2019 by the administration of former President Edgar Lungu.
In addition to discussing the mine expansion, ZCCM said it is considering a share buyback programme to support its market valuation, arguing that its shares remain significantly undervalued on European stock exchanges.
The company is listed on the Lusaka Securities Exchange, the London Stock Exchange and Euronext.
