Indian billionaire Anil Agarwal’s Vedanta commits $1.5 billion to Zambian mine

Vedanta Resources Ltd., a diversified mining company chaired by Indian billionaire Anil Agarwal, has launched a new unit, CopperTech Metals Inc., to take over operations at its Konkola copper mine in Zambia.

The company plans to invest an additional $1.5 billion to boost output to 300,000 tons by 2031. This comes after Vedanta regained control of Konkola following court approvals in July 2024, thus ending a period under a state-appointed provisional liquidator since 2019.

Zambia targets higher national output

Zambia, Africa’s second-largest copper producer, wants to raise national output to 3 million tons by 2031, up from 821,670 tons in 2024. Major miners are already investing to help reach this goal: Canada’s Barrick plans a $2 billion expansion to double production at its Lumwana mine, while China’s JCHX has committed $300 million to extend the life of the Lubambe mine.

Vedanta says it has poured more than $3 billion into Konkola in recent years. The company expects 140,000 tons from the mine in the 2026 fiscal year. Vedanta has not disclosed how the $1.5 billion will be funded; it is currently working to cut debt and adjust its capital structure. 

Vedanta’s balance sheet and global footprint

London-based Vedanta operates across India, South Africa, Zambia, Namibia, Liberia, the UAE, Saudi Arabia, South Korea, Taiwan and Japan. Its diverse holdings include oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminum, power, and glass substrates.

The group has also signaled interest in semiconductors and display glass. For the fiscal year ending March 31, Vedanta reported record revenue of $18.2 billion, up 6 percent from the previous year, while consolidated EBITDA rose 16 percent to $5.5 billion.

Anil Agarwa prioritizes Zambia investments

Founder Anil Agarwal, who joined the board in 2003 and has served as executive chairman since 2005, is estimated by Forbes to have a net worth of $2.2 billion. Agarwal also serves as a director of Sterlite Technologies, Conclave PTC, and the Anil Agarwal Foundation.

For Agarwal, Zambia remains central to Vedanta’s copper plans, as the company looks to rebuild trust with workers, suppliers, and the Zambian government.