Zambia Seeks New Mining Partnerships to Boost Copper Production

AFRICAN BUSINESS AND ECONOMYOctober 22, 2024 at 11:57 AM UTC

TLDR

Zambia plans to boost copper output by over 4x by early 2030s through developing dozens of mining licenses with private investors.
Over 40 mining permits will be transferred to a state-owned company for negotiation with private partners to achieve this ambitious production target.
The state will maintain minority ownership in the ventures without direct involvement in operations.

Zambia is set to develop dozens of mining licenses in collaboration with investors, aiming to significantly increase its copper output.

Africa's second-largest copper producer, the Southern African country has an ambitious plan to more than quadruple production by the early 2030s. Achieving this goal will require substantial investments to transform early-stage projects into fully operational mines.

Over 40 mining permits, reserved by the Mines Ministry, will be transferred to a state-owned company, which will negotiate agreements with private partners. The state will hold significant minority stakes in these ventures but will not participate in operations.

Key Takeaways

Zambia is positioning itself for a major boost in copper production by partnering with investors to develop greenfield mining projects. Existing operators like First Quantum Minerals Ltd. and Barrick Gold Corp., which accounted for two-thirds of Zambia’s copper output last year, are already working to expand production. The state company, owned by Zambia’s Industrial Development Corp., will provide the licenses and data from a government-funded geophysical survey to support the projects.

Zambia

Copper Production

Mining

Economy

Business