Vedanta IPO Plans Boost Zambia’s Ambitious Copper Growth Strategy
Vedanta’s Planned CopperTech IPO Could Accelerate Konkola Expansion, ZCCM Says
Zambia’s ZCCM Investment Holdings says Vedanta Resources’ planned initial public offering (IPO) of its copper business could significantly accelerate the development of the $2.7 billion Konkola Deep Mining Project (KDMP), one of the country’s most ambitious copper expansion initiatives.
Vedanta is preparing to list CopperTech Metals, a US-domiciled integrated copper and cobalt producer that will hold the group’s mining assets, including its 79% stake in Konkola Copper Mines (KCM). ZCCM Investment Holdings owns the remaining 21% of KCM.
The planned listing comes as Zambia, Africa’s second-largest copper producer, seeks to dramatically increase annual copper output to 3 million tonnes by 2031, up from 890,346 tonnes produced in 2025.
The target is driven by growing global demand for copper, particularly from renewable energy, electric vehicles and power infrastructure.
IPO expected to accelerate mine development
Speaking during ZCCM’s Capital Markets Day in Paris, Board Chairperson Phesto Musonda said proceeds from the planned IPO could significantly shorten the timeline for developing the Konkola Deep Mining Project.
Under previous commitments, Vedanta had pledged to invest $1.1 billion in the project over five years.
However, access to additional capital through the IPO could enable the company to deploy funding much earlier than originally planned.
“The commitment by Vedanta was that they would spend $1.1 billion on the KDMP over the next five years, but with the listing now, we have adjusted the timeline,” Musonda said.
“We are saying this capital could become available immediately. As a result, the investment schedule has been brought forward to 2028, allowing the KDMP development to be completed well ahead of the original timeline.”
Vedanta did not immediately respond to requests for comment.
Boosting copper output
The Konkola Deep Mining Project is central to Vedanta’s strategy for increasing production at KCM.
The project aims to raise annual copper output to 300,000 tonnes by 2031, compared with 80,215 tonnes produced last year.
The expansion includes the development of one of Zambia’s deepest mining shafts, extending approximately 1,500 metres below ground to access high-grade ore deposits.
The project also involves major investments in dewatering systems, processing facilities and supporting infrastructure.
Vedanta regained control of Konkola Copper Mines in 2023 after a lengthy dispute with the Zambian government.
The operation had been placed under provisional liquidation in 2019 by the administration of former President Edgar Lungu, which accused the company of failing to meet investment commitments.
The return of Vedanta marked the end of a four-year legal and political battle and paved the way for renewed investment in one of Zambia’s most important copper assets.
ZCCM considers share buy-back
Separately, ZCCM said it is evaluating a potential share buy-back programme to support its stock price, which the company believes remains significantly undervalued, particularly on European exchanges.
ZCCM is listed on the Lusaka Securities Exchange, the London Stock Exchange and Euronext, and management said it is exploring measures to better reflect the value of its mining portfolio as investor interest in critical minerals continues to grow.
The success of Vedanta’s planned CopperTech IPO could provide a major boost not only to KCM’s expansion plans but also to Zambia’s broader ambition of becoming one of the world’s leading copper producers over the next decade.
