UK company takes a $372 million gamble to increase its grip on Zambia’s top critical mineral

The UK-based mining company, Vedanta Resources, has taken the calculated decision to slightly divest one of its assets in an attempt to raise funds for its mining operations in Zambia.

• Vedanta Resources plans to sell an 11.8% stake in its U.S. division, CopperTech Metals Inc, to raise up to $429 million.
• Most of these funds ($372 million) are earmarked for developing Vedanta’s Konkola Copper Mines (KCM) complex in Zambia.
• The share sale follows Vedanta’s move to list CopperTech in New York and recapture an 80% stake in KCM after settling a dispute with the Zambian government.
• The funding aims to complete the Konkola Deep project, boosting copper output to help meet surging global demand, especially from the U.S.

The mining company recently announced its plans to put up 11.8%, about 23.5 million shares of CopperTech Metals Inc, its U.S.-based division, for sale.

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The net proceeds could reach to $429 million, $372 million of which the company intends to use in developing its Zambian copper mining complex.

To secure capital for its Konkola Copper Mines (KCM) division, Vedanta established CopperTech in the United States during the previous year, as seen on Bloomberg.

Following the resolution of a long-standing dispute with the Zambian government, Vedanta, under the control of Indian billionaire Anil Agarwal, successfully regained its 80% interest in KCM in 2024.

Should the proposed transaction reach completion, Vedanta’s ownership in CopperTech is projected to decrease to approximately 88.1%.

The capital generated is earmarked for the completion of the Konkola Deep subterranean project, an initiative critical to achieving the firm’s annual copper production objective of 270,000 tons.

Vedanta’s Zambian mines are “one of the few operations positioned to help meet US demand for copper,” CopperTech said in its prospectus.

The company said it is positioned “to capitalize on what we believe will be an unprecedented copper demand cycle.”

CopperTech expects to be valued at up to $3.6 billion when it makes its New York Stock Exchange debut under the ticker code CUX.

The business has set ambitious expansion plans for KCM, involving billions of dollars in investment to greatly increase copper production in the coming years.

The funding push comes as global demand for copper continues to surge, owing to investments in artificial intelligence infrastructure, power grid upgrades, electric vehicles, and other electrification initiatives.

Copper has become one of the world’s most sought-after essential minerals due to its role in the energy transition.

Additionally, Copper is one of Zambia’s top revenue generators, giving it the distinction of Africa’s second-largest supplier of the metal.

Last year, the Southern African country produced a record 890,000 tons of copper.

As seen in a report by the government, “The cumulative volume of refined copper exports for the period January to February 2026 was 155.3 thousand Mt while that of 2025 for the same period was 140.0 thousand Mt, representing a 10.9 percent increase.”