Vedanta raises $372 million for Zambia copper expansion
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Vedanta Resources plans to sell an 11.8% stake in its U.S. division, CopperTech Metals Inc, to raise as much as $429 million. The company said $372 million of the proceeds will be used to develop its Konkola Copper Mines complex in Zambia.
The share sale follows Vedanta’s decision to list CopperTech in New York after regaining an 80% stake in KCM through a settlement with the Zambian government in 2024. If the transaction is completed, Vedanta’s holding in CopperTech would fall to about 88.1%.
The funding is aimed at completing the Konkola Deep underground project, which is central to Vedanta’s target of producing 270,000 tons of copper a year. The company has said its Zambian mines are among the few operations positioned to meet U.S. copper demand.
CopperTech expects to be valued at up to $3.6 billion when it debuts on the New York Stock Exchange under the ticker CUX. Vedanta said the business is positioned to benefit from what it describes as an unprecedented copper demand cycle.
The capital-raising effort comes as global demand for copper continues to rise on the back of artificial intelligence infrastructure, grid upgrades, electric vehicles and other electrification projects. Copper remains a key metal for the energy transition.
Zambia is Africa’s second-largest copper supplier and one of the metal’s most important producers globally. The country recorded a production high of 890,000 tons last year, while government data showed refined copper exports rose 10.9% year on year in the first two months of 2026.
