Vedanta ropes in Worley for $1 billion copper-cobalt blitz in Zambia

Vedanta intends to scale up production at Konkola Copper Mines.
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DANISH SIDDIQUI
Mining mogul Anil Agarwal’s Vedanta Resources – the UK-based company – has roped in global EPCM major Worley for project management as it eyes expansion of mining and processing operations of critical minerals like copper, cobalt at its Konkola Copper Mines (KCM) in Zambia.
Worley, an Australia-based engineering, procurement and construction management player, will also “engage with international experts” for backward integration and identifying partners for critical mineral extraction projects.
Plans are also underway to build an additional tailings processing plant to enhance copper recovery from tailings, marking a strategic step towards improved resource efficiency and environmental sustainability, those in the know said.
Vedanta intends to scale up production at KCM and is planning an investment of $1 billion.
Sources said the company could look at a possible US public listing for its Zambian unit (KCM), among “other financing options”, as it looks to raise approximately $1 billion for mine development. Talks are on with a couple of investment bankers too, these sources said, adding that New York is amongst the probable listing options.
The Zambian copper asset is one of the largest high-grade mines in the world.
Vedanta, sources said, is putting plans in motion, to increase output at KCM to 300,000 tonnes annually, upon the completion of this $1 billion investment. Worley is not bringing in any capital.
A Vedanta spokesperson confirmed on-boarding the international entity.
“Vedanta Resources has recently signed on international firm Worley to work as its extended project office that will engage international experts to deliver projects at KCM. The primary objective of Worley is to identify and engage the most suitable partners to deliver benefits from backward integration,” the spokesperson told businessline.
Worley – with a near $11,616 million turnover in FY24 – is amongst the major global players and is a publicly traded company (shares are listed on Australia Securities Exchange).
Nearly a year back, Vedanta Resources Holdings Limited, the diversified global mining, metals, natural resources, energy and technology conglomerate, secured control of KCM. It paid $271 million in line with its commitment under the KCM shareholders agreement which allowed reinstatement of the Board of Directors of the KCM and the return of full management control to Vedanta.
This was the necessary first step before Vedanta ramped up production.
Critical minerals
Vedanta Resources is investing extensively in critical minerals in Africa.
The mining conglomerate plans to invest $20 billion on growth projects across the group – in India and overseas.
A Vedanta spokesperson said the company intends to “unlock greater value from Zambia’s rich copper and cobalt deposits”.
Both, copper and cobalt are critical minerals. And KCM has more than 16 million tonnes (mt) of contained copper resources with an average copper grade exceeding 3 per cent and a projected mine life of around 50 years.
KCM also has more than 400,000 tonnes of cobalt resources.
“Hence, there are also plans to invest in a dedicated cobalt processing plant to capitalise on cobalt by-products,” the spokesperson added.
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Published on July 6, 2025
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