Vedanta Regains Control of Konkola Copper Mines


Vedanta plans to ramp up copper production at MCM to 300,000 mt/y. (Photo: Vedanta)
Vedanta Resources Holdings Ltd. today confirmed that it has paid $245.75 million in line with its commitment under the scheme of arrangement for Konkola Copper Mines (KCM). This paves the way for the reinstatement of the board of directors of KCM and the return of full management control to Vedanta, which is necessary, Vedanta said, before it ramps up production and unlocks the operation’s full potential.

“We are confident that with full support of the government and other key stakeholders, we will soon be able to help KCM turnaround and reach its full potential, both as a world-class copper and cobalt asset that is well equipped with a smelter and a robust tailings leaching plant, and as a growth engine for the socio-economic development of the Zambian nation,” said Chris Griffith, CEO, Vedanta Base Metals.

With a copper resource that exceeds 2.4%, KCM has one of the largest deposits of high-grade copper. Add on to that 412,000 metric tons (mt) of cobalt reserves and resources and KCM also has the potential to sit among the top five cobalt producers globally. Vedanta said it has plans in place not only to ramp up KCM copper production to 300,000 mt/y, but also raise cobalt production from 1,000 mt/y to 6,000 mt/y.

Zambia reinstated Vedanta as the operator and owner of KCM (79.4%) in September 2023. When a dispute arose between Zambia and Vedanta in 2019, the former administration of Zambian President Edgar Lungu seized the KCM assets, which forced the operation into liquidation. The Lungu administration accused Vedanta of failing to invest in the operation to increase its output.

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