ZCCM Investments Holdings (ZCCM-IH) says Vedanta Resources’ planned initial public offering (IPO) of its copper business could significantly accelerate the development of Konkola Copper Mines (KCM) and fast-track a major US$2.7 billion expansion programme.
Vedanta is preparing a United States listing for CopperTech Metals, a US-domiciled integrated copper and cobalt producer that will oversee its 79 percent stake in KCM. ZCCM-IH retains the remaining 21 percent shareholding in the mining operation.
The proposed listing comes as Zambia seeks to boost copper production from 890,346 tonnes recorded in 2025 to 3 million tonnes annually by 2031, driven by growing global demand for copper in renewable energy technologies and electrification.
Speaking during ZCCM-IH’s Capital Markets Day in Paris, Board Chairperson Phesto Musonda said the anticipated capital injection from the IPO could reduce the timeline for KCM’s flagship Konkola Deep Mining Project (KDMP) by up to three years.
“Vedanta had initially committed to investing US$1.1 billion into the KDMP over the next five years. However, with the planned listing, the funding could become available much sooner, allowing us to accelerate project implementation,” Musonda said.
“We have effectively brought the investment timeline forward to 2028, which means the development of the KDMP could be completed well ahead of schedule.”
Vedanta has not publicly commented on the revised timeline.
The KDMP is a cornerstone of KCM’s long-term growth strategy and aims to increase annual copper production to 300,000 tonnes by 2031, up from 80,215 tonnes produced last year. The project includes the development of one of Zambia’s deepest mining shafts, extending to approximately 1,500 metres, as well as major investments in dewatering systems and processing infrastructure to access high-grade ore reserves.
Vedanta regained control of KCM in 2023 after resolving a lengthy dispute that followed the mine’s provisional liquidation by the previous Zambian administration in 2019.
Meanwhile, ZCCM-IH, which is listed on the Lusaka, London and Euronext stock exchanges, disclosed that it is evaluating a potential share buy-back programme aimed at enhancing shareholder value and addressing what it views as a significant undervaluation of its stock on European markets.
The company believes that accelerated investment at KCM, coupled with Zambia’s broader ambitions to expand copper output, will play a critical role in positioning the country as a leading supplier of minerals essential to the global energy transition.
