Vedanta Resources launches US-domiciled CopperTech Metals

Vedanta Resources announced Thursday the launch of CopperTech Metals Inc., a US-domiciled company with a mission to bolster America’s copper security needs.

The India-based miner said it will be capitalizing on surging copper demand driven by data center expansion, grid modernization, defense technologies and industrial onshoring requirements.

CopperTech will own and operate Konkola Copper Mines in Zambia, one of the highest-grade copper-producing assets in the world with proven cobalt reserves.

CopperTech intends to build on the existing $3 billion investment made by Vedanta in Konkola – which included the construction of a deep mine shaft, a smelter and a concentrator, as well as general mine development – and intends to invest an additional $1.5 billion in the operation.

Konkola’s board includes Zambian representation from ZCCM-IH, the diversified state-owned mining investment organization, which holds a 20.6% interest.

The new company intends to leverage advanced mining and AI-driven resource identification and extraction technology, an integral part of its plans to expand production capacity and enhance operational efficiency from the currently planned levels of 140,000 tonnes in fiscal 2026 to 300,000 tonnes by 2031.

With future investments, and supported by proven and probable reserves, CopperTech said it intends to raise production levels to 500,000 tonnes per year.

“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,” Anil Agarwal, founder and chairman of Vedanta Group, said in a news release.

“This partnership will unlock a wave of innovation and advancement in clean energy, technology, and industrial progress on both sides of the Atlantic,” Agarwal added.

America’s surging copper demand

CopperTech emerges at a critical juncture for US supply chain security, with the United Nations forecasting global copper demand to grow by over 40% by 2040.

According to the 2024 US Geological Survey, the United States currently imports approximately 45% of its refined copper consumption, while China produces more than 45% of the world’s copper.

CopperTech’s operations in Zambia, a country with strong US diplomatic relations, offers American supply chains the geographic diversification they increasingly demand, the company said.

“The next 25 years will require more copper than has been produced throughout all of human history,” CopperTech director Tom Albanese said. “CopperTech is well positioned to serve as a strategic partner for America’s infrastructure needs.”