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Vedanta Resources reportedly remains in search of financing options to fund the expansion of copper production at Konkola Copper Mines (KCM), despite its commitment to invest US$1 billion over five years.
The mining company had pledged to ramp up KCM’s copper production to 300,000 tonnes annually after regaining control of the asset.
However, Chris Griffith, Head of Vedanta’s Base Metals Unit, claimed the company was still seeking to raise approximately US$1 billion in debt financing to develop the mine.
Speaking to Reuters at the Mining Indaba conference in Cape Town, Griffith stated that Vedanta prefers to retain its 80 percent stake in KCM rather than selling a portion, as it had previously considered.
“We are exploring various debt-raising options to fund the expansion of copper production at KCM to 300,000 metric tons annually over the next five years,” he said.
Vedanta regained control of KCM in 2024 after a prolonged five-year dispute with the Zambian government, which holds the remaining 20% stake through ZCCM-IH.
In August 2024, President Hakainde Hichilema officially handed over KCM to Vedanta, urging the company to swiftly increase production and make significant investments in the mine.
“This is a pivotal moment for the mining industry,” Hichilema said. “At long last, the mine has been unlocked. We have walked through the path of unlocking KCM, navigating through challenges and obstacles, and now we are here.”
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