KCM Refutes Reports of US$2.5B Investment, Affirms Growth Plans
Konkola Copper Mines (KCM) Plc has dismissed media reports suggesting it has unveiled a US$2.5 billion expansion plan, stating that no such official announcement has been made.
In a recent statement, the mining giant clarified that the headline “KCM Unveils $2.5bn Expansion Plan to Unlock 16 Million Tonnes of Copper” is factually incorrect and does not reflect any communication from the company.
KCM stressed that all major investments will only be announced after comprehensive feasibility studies and formal approval by its Board of Directors.
Despite this, the company reaffirmed its strong growth trajectory, which it says is aligned with Zambia’s national target of producing three million tonnes of copper annually.
As part of its operational drive, KCM has partnered with Mancala, a reputable mining contractor, to tap into what is regarded as one of the world’s highest-grade copper deposits, with reserves exceeding 291 million tonnes of ore. This initiative is expected to create new local employment opportunities and strengthen production infrastructure.
KCM recently marked a significant milestone in underground mining operations with the successful raise boring project – the first in 15 years.
Since resuming operations under Vedanta Resources in August 2024, KCM has seen production rise to 8,100 metric tonnes of finished copper, up from an average of 5,500 tonnes in December 2024. This reflects steady progress towards the company’s production ramp-up targets.
KCM is owned by Vedanta Resources (79.4%) and ZCCM-IH (20.6%), and operates across Chingola, Chililabombwe, Kitwe and Nampundwe. With Vedanta’s investment pledge of over US$1 billion, KCM aims to unlock its full operational potential and reach an annual output of 300,000 tonnes of copper by 2030.
