Vedanta Resource settles dues worth $246 million to regain control of Zambia’s Konkola Copper Mines

The company regained control of the mines from the Zambian administration in November 2024 after they were seized in 2019. Vedanta was required to pay the creditors' dues before reviving the operations.

The miner regained control over KCM's assets following a five-year legal battle. Former Zambian President Edgar Lungu had accused the UK-based company of failing to invest in increasing the mine’s copper production.

KCM is one of the world’s largest deposits of high-grade copper globally, with deposits of over 2.4%. The mine has a total of 412 kilotonnes (kt) of contained cobalt reserves and resources. Vedanta said that KCM has the potential to be among the top five biggest producers of cobalt globally.

Vedanta plans to ramp up KCM’s copper production to 300 kilotonnes per annum (ktpa) and boost the mine’s cobalt production from 1 ktpa to 6 ktpa. The company aims to meet the increased production goals by improving KCM's production capabilities.

Vedanta Resources, in a statement, said that the global annual demand for copper is expected to increase by 40% by 2040. A global shift towards clean energy and the move towards sustainable and efficient modes of transportation and electrification is expected to drive the growth.

Presently, the Zambian government owns a 20% stake in KCM through ZCCM, a mining investment company, while Vedanta Resources owns the rest of the stake.

Vedanta Resources, based in the UK, is an unlisted entity. However, its subsidiary, Vedanta Ltd., is listed on the Indian stock exchanges.

Vedanta Ltd’s shares closed at ₹441 apiece on the NSE.