Vedanta invests $1.5 bn to launch CopperTech Metals, boost US copper supply.
Vedanta Resources has announced plans to launch a US-based subsidiary CopperTech Metals, which would in turn own and operate its Konkola Copper Mines in Zambia, a move which comes at a time when the Trump-led administration was trying to jack up domestic mining and cut imports.
The Anil Agarwal-led company plans to raise $1.5 billion for this project, which it said in a statement was aimed at boosting “America’s copper independence and support its growing infrastructure and clean energy ambitions”.
Konkola Copper Mines (KCM) is one of the world’s highest-grade copper assets with ore grades averaging 2.9 per cent, and nearly four times the global average, the London-headquartered firm said.
Priya Agarwal-Hebbar, director at Vedanta and chairperson, Hindustan Zinc, will lead CopperTech Metals Inc. as chairperson.
The company aims to expand annual integrated copper production from 140,000 tonnes in the financial year 2026 (FY26) to 300,000 tonnes by FY31, and eventually to 500,000 tonnes per year, positioning KCM among the top global copper producers.
“CopperTech Metals will build on Vedanta’s existing $3 billion investment in KCM with an additional $1.5 billion program to enhance production and operational efficiency through AI (artificial intelligence)-driven exploration and extraction technology,” the release said.
Global copper demand is expected to increase by more than 40 per cent by 2040, driven by AI data centres, EV manufacturing, and grid modernisation.
The company said that the US currently imports about 45 per cent of its refined copper requirements, while China accounts for over 45 per cent of global copper production, citing a US Geological Survey.
Tom Albanese, director, CopperTech Metals, said that the next 25 years will require more copper than has been produced throughout all of human history. He added that CopperTech Metals is well-positioned to serve as a strategic partner for America’s infrastructure needs.
CopperTech’s operations will also leverage the $10 billion US-backed Lobito Corridor project, connecting Zambia’s Copperbelt to Angola’s Atlantic coast, offering enhanced logistics for US industrial and technology markets, the release added.
Source: Businessstandard