KONKOLA Copper Mines (KCM) will overhaul its Zambian smelter facility as part of efforts to boost production following last year’s return to full operations under Vedanta Resources control, according to a report by Bloomberg News.
The Indian-owned mining company announced plans for complete shutdown and refurbishment work aimed at restoring structural integrity and improving operational efficiency. KCM is targeting 300,000 tons of annual output by 2030, a dramatic increase from last year’s production of less than 30,000 tons, the newswire said.
Vedanta, controlled by billionaire Anil Agarwal, regained KCM management about a year ago after settling a prolonged dispute with Zambian authorities. The resolution included commitments to invest over $1.2bn across five years for operational upgrades and creditor payments.
The company has already invested more than $400m in KCM since resuming control, including $250m for debt settlement and a $124m payment instalment. Significant capital will fund completion of the underground Konkola Deep mining project, said the newswire.
KCM did not specify the smelter refurbishment costs, timeline, or duration. The upgrade comes as Zambia, Africa’s second-largest copper producer, waived export taxes on 255,000 tons of copper concentrates last month, partly because the current smelter cannot process the material.
The planned improvements reflect broader efforts to revitalise Zambia’s mining sector, which has faced infrastructure challenges and regulatory disputes that have limited production capacity. The smelter upgrade represents a key component of Vedanta’s strategy to restore KCM’s position as a major regional copper producer.
On July 10, Chris Griffith, the head of Vedanta Base Metals which manages KCM, said he had resigned from the company. His departure comes amid a report by Viceory Research which shorted the debt held by Vedanta saying it was “an unappreciated risk”.
When he was appointed in September 2023, Griffith was given responsibility over Vedanta’s international zinc business in South Africa and Namibia, its iron ore business in Liberia, and its copper portfolio, including Konkola Copper Mines (KCM), Zambia, Fujairah, UAE and Sterlite Copper in India.
He targeted restoring Vedanta’s loss-making Konkola Copper Mines to profitability which would include building up its production from 70,000 tons a year to 300,000t/year by 2031. Some $1.3bn was required to complete this project.
