Zambia’s Copper Output Rises 12% in 2024 Despite Drought
TLDR
- Zambia’s copper production increased by 12% in 2024, reaching around 820,670 metric tons, up from 732,580 tons in 2023
- Key contributors to the boost include Barrick Gold’s Lumwana mine, Vedanta Resources’ Konkola Copper Mines (KCM), and Mopani Copper Mines
- Zambia, Africa’s second-largest copper producer after the Democratic Republic of Congo, relies on copper for over 70% of export earnings
Zambia’s copper production increased by 12% in 2024, reaching around 820,670 metric tons, up from 732,580 tons in 2023, according to Mines and Minerals Development Minister Paul Kabuswe. The recovery comes despite a severe drought that disrupted hydroelectric power generation, forcing major miners to import electricity to maintain operations.
Key contributors to the boost include Barrick Gold’s Lumwana mine, Vedanta Resources’ Konkola Copper Mines (KCM), and Mopani Copper Mines, recently acquired by UAE-based International Resources Holding. Following a protracted ownership dispute, Vedanta plans to invest $1.3 billion to revive KCM.
Zambia, Africa’s second-largest copper producer after the Democratic Republic of Congo, relies on copper for over 70% of export earnings. The government aims to triple annual production to 3 million tons within the next decade to drive economic growth.
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Key Takeaways
Zambia's mining sector is receiving significant foreign investment. Canadian firms Barrick and First Quantum Minerals are ramping up production, while KoBold Metals, backed by U.S. investors, plans a $2 billion copper project. The government’s goal of reaching 3 million tons annually hinges on infrastructure improvements, stable energy supply, and continued foreign investment. Copper remains critical for Zambia’s economy as global demand for the metal, driven by renewable energy and electric vehicles, surges. Efforts to stabilize mining operations and resolve disputes, like the KCM ownership battle, signal Zambia’s commitment to attracting investors and securing its position as a key player in the global copper market.
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