Vedanta Shares reached an intra-day high of Rs 246.55 during the early trading hours on 6 September after the company announced that it had retained the Konkola Copper Mines (KCM) in Zambia.

This marks a significant milestone for the company and the global mining industry, coupled with the growing demand for copper.

Konkola Copper Mines is known for its copper reserves and resources of 16 million tonnes of contained copper, which will be very vital for Vedanta’s strategy to vertically integrate into the copper sector.

The government owns a 20% stake in the mines through ZCCM-IH that will allow Vedanta to resume control and operate the mines and smelters after the company renewed a pledge to invest more than $1.2 billion.

Through the investment, the company plans to increase output and repay its outstanding debts.

Vedanta Resources Chairman Anil Agarwal said, “We have been committed to KCM since 2004 and believe that it is a prized asset in our portfolio. Copper is a critical mineral for the technologies of the future. Vedanta will become a fully integrated producer of copper and cater to India’s fast-growing demand while also making Zambia the leading producer of copper in the world,”

At 1:40 pm, the shares of Vedanta were trading at Rs 241.90 or 0.21% above its previous close on NSE.