Vedanta Resources Limited has launched CopperTech Metals Inc, a US-domiciled company with a mission to ‘Power the Copper Century’ and to bolster America’s copper security needs while capitalising on surging copper demand driven by artificial intelligence, data center expansion, grid modernisation, defence technologies and industrial onshoring requirements. CopperTech will own and operate the Konkola Copper Mines in Zambia.
CopperTech intends to build on the existing $3 billion investment made by Vedanta Resources Limited in the Konkola Copper Mines – which included construction of a mine shaft, a smelter and a concentrator, and engaging in general mine development – and intends to invest an additional $1.5 billion in the operations.
CopperTech intends to leverage advanced mining and cutting-edge AI-driven resource identification and extraction technology as an integral part of its plans to expand production capacity and enhance operational efficiency from the current planned integrated copper production levels of 140,000 t in financial year 2026 to 300,000 t by 2031, the company says. With future investments, and supported by proven and probable reserves, CopperTech has plans to raise production levels to 500,000 t/y, which CopperTech believes would position the company among the leading copper producers in the world.
Speaking on the occasion, Anil Agarwal, Founder and Chairman of Vedanta Group, said: “Today marks a historic and pivotal moment; CopperTech will play a significant role in connecting America’s critical mineral needs with Zambia’s historic copper legacy. This partnership will unlock a wave of innovation and advancement in clean energy, technology and industrial progress on both sides of the Atlantic.”
Tom Albanese, Director, CopperTech Metals, added: “The next 25 years will require more copper than has been produced throughout all of human history. CopperTech is well positioned to serve as a strategic partner for America’s infrastructure needs.”
Priya Agarwal-Hebbar, Director at Vedanta Limited and Chairperson of Hindustan Zinc Limited, will lead CopperTech as Chairperson.
In July 2024, the Zambian government transferred management control of Konkola Copper Mines Plc back to Vedanta, demonstrating strong governmental commitment to responsible mining development. This landmark transaction reflects Zambia’s published 2030 copper vision, which aligns with CopperTech’s expansion strategy and positions copper as a cornerstone of the nation’s economic development, CopperTech says. Konkola Plc’s Board includes Zambian representation from ZCCM-IH, the diversified state-owned mining investment organization, which holds a 20.6% interest in Konkola Plc.
The Konkola Copper Mines feature copper ore grades of 2.9%, four times higher than declining global industry averages, with the ore grades within the contained Konkola Deep Mines Project (KDMP) going up to 3.3%, the company says. This underscores Konkola Plc’s sustainable competitive advantages and superior economics from a global perspective, it added. The fully integrated operations include underground mines, processing facilities, CopperTech’s own smelter and a copper recycling plant, offering cost advantages and quality control throughout the production process.
CopperTech’s go-to-market strategy leverages the US-backed $10 billion Lobito Corridor project, which connects Zambia’s Copperbelt to Angola’s Atlantic coast, providing enhanced logistics access for serving US markets. CopperTech’s strategic positioning aligns with this infrastructure development, creating optimal conditions for serving US technology and industrial sectors, it says.
Additionally, CopperTech intends to use a portion of the planned $1.5 billion investment towards further exploration within the Konkola Copper Mines property in Zambia as well as conduct exploration activities in other countries. These include ‘drill and fill’ projects and AI-based surveys to ascertain the potential for additional resources.
