Vedanta Resources launches US-domiciled CopperTech Metals

Konkola Copper Mine. (Image: Vedanta Resources)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 also 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 the 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 Resources Limited in the Konkola Copper Mines – which included construction of a deep mine shaft, a smelter and a concentrator, and engaging in general mine development – and intends to invest an additional $1.5 billion in the operations. Konkola Plc’s Board includes Zambian representation from ZCCM-IH, the diversified state-owned mining investment organization, which holds a 20.6% interest in Konkola Plc.  The new company intends to leverage advanced mining and AI-driven resource identification and extraction technology, as an integral part of its plans to expand production capacity and enhance operational efficiency from the current planned integrated copper production levels of 140,000 tonnes in FY26 to 300,000 tonnes by 2031.  With future investments, and supported by proven and probable reserves, CopperTech said it plans 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,” founder and chairman of Vedanta Group Anil Agarwal 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 said.  America’s surging copper demand growth  CopperTech emerges at a critical juncture for U.S. supply chain security with the United Nations forecasting global copper demand to grow by over 40% by 2040.  According to the 2024 U.S. 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.  The Democratic Republic of Congo accounts for over 80% of cobalt production and China accounts for over 70% of cobalt refinement. CopperTech’s operations in Zambia, a country with strong U.S. 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 Metals Director Tom Albanese said.  “CopperTech is well positioned to serve as a strategic partner for America’s infrastructure needs.”  Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com