KCM clarifies Zambia Monitor US$2.5 billion investment story

Konkola Copper Mines (KCM) has clarified that it had not committed investment pledges beyond the earmarked US$1 billion.

During the 2025 Energy Forum for Africa Conference in Lusaka, KCM Director of Administration, Ellie Sampa, was reported as saying the mining giant would require about US$2.5 billion in future investments to dewater the deep levels of the Konkola mine as a first step to accessing 16 million tonnes of copper resource and 352,000 tonnes of cobalt.

“We can actually produce about half a million tonnes per annum of copper…if now we start talking about that number (500,000 tonnes of copper) we will need about almost US$2.5 billion investments to achieve that,” he said among others.

Sampa added that to achieve that milestone, on the power side, the company would require somewhere around 400 MW of power.

He said KCM was thinking ahead by engaging with thermal offers in an agreement with certain parties to produce power to meet the power demand.

“We have engaged power producers in Chililabombwe to produce 150 MW scalable to 200 MW and we also have another agreement in the pipeline almost finalized involving another 150 MW of thermal power which guarantees the stable base load somewhere in Southern province brings to 300 MW PV,” Sampa said.

He said the new Vedanta Resources was looking at reviving the Konkola Deep Mine Project (KDMP).

“For the new Vedanta, and you have heard what has been happening, even yesterday there was an announcement on Facebook where we announced that we have kick started the pump chamber construction in Chililabombwe because without the means of taking out that water, we cannot get that 16 million tonnes of copper well as the 352,000 tonnes of cobalt, so we are very serious about investments,” he said.

However, Public Relations and Communication Manager, Victoria Zimba in a statement clarified that any future investment beyond the currently approved US$1 billion would be guided by comprehensive feasibility studies and would only be announced upon approval by the KCM Board.

“That said, KCM affirms the positive growth trajectory the company is currently experiencing,” Zimba said.

“Significant steps are being taken to ramp up production and contribute meaningfully to Zambia’s national goal of producing 3 million tonnes of copper annually by 2031.”

As part of this effort, Zimba said KCM had engaged Mancala, a reputable mining company, to undertake critical underground excavations at the Konkola Deep Mining Project (KDMP) in Chililabombwe.

KDMP features one of the deepest shafts in Zambia at 1,505 metres, situated on one of the world’s highest-grade copper deposits, with over 291 million tonnes of ore and a projected mine life of at least 50 years.

She said the investment would provide opportunities for local jobs and that in addition to KDMP developments, KCM had also upgraded its high-speed underground rail system, which marks significant milestones in production infrastructure following the first successful raise boring in 15 years.

“Since the resumption of operations under Vedanta Resources in August 2024, KCM has continued to deliver improved production performance,” she said.

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