Vedanta Resources Holding Ltd, the parent company of Vedanta Ltd, is set to regain control of the Konkola copper mine in Zambia after paying off nearly $246 million in dues.
Led by Anil Agarwal, Vedanta has been trying to take full control of the mine for the past five years. In 2019, the Zambian government put the mine into liquidation, accusing Vedanta of not increasing copper production.
Konkola copper mine has some of the world’s largest deposits of high-grade copper, with over 2.4% copper content, and is a major cobalt producer with 412 thousand tonnes of reserves.
Vedanta plans to boost copper production at KCM to 300 thousand tonnes per year and increase cobalt production from 1,000 to 6,000 tonnes per year by enhancing the mine’s capabilities.
“India needs more copper due to high demand and limited domestic production. KCM can help meet this demand and strengthen economic ties between India and Zambia,” said Vedanta Group chairman Anil Agarwal.
In FY23, India imported $12 million worth of copper from Zambia, according to the Ministry of Commerce.
KCM is expected to contribute significantly to Zambia’s socio-economic development, said Vedanta Base Metals CEO Chris Griffith.
Vedanta noted that global copper supply is projected to peak in 2026 at 26 million tonnes, with demand outpacing supply if no new major projects come online.
Shares of Vedanta were trading at ₹444.50 on Friday on the National Stock Exchange, down 1.53% in a weak market.
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