Zambia expects copper output to hit 1m tons by 2027

AFRICAN BUSINESS AND ECONOMYJuly 23, 2024 at 12:36 PM UTC

TLDR

Zambia projects 40% growth in copper production, targeting 1 million tons by 2027 and a quadruple increase to 3 million tons by 2031.
The country, Africa's second-largest copper producer, aims to benefit from rising demand for copper in electric vehicles and wind farms.
Zambia plans to increase mapping of its land for mineral resources through geophysical, geological, and satellite surveys.

Zambia's annual copper production is projected to grow by more than 40% to reach 1 million tons in 2027, according to the country's Finance Ministry, and is expected to more than quadruple to 3 million tons by 2031.

As Africa’s second-largest copper producer, Zambia aims to capitalize on the anticipated supply shortfall due to rising demand for copper driven by the energy transition, which includes increased use in electric vehicles and wind farms.

The southern African nation, which derives about 70% of its export earnings from copper, plans to enhance the percentage of its landmass mapped for mineral resources. This will be achieved through integrated geophysical, geological, and satellite imagery surveys.

Points clés à retenir

Zambia's copper output reached a 14-year low of 698,566 tons in 2023 due to frequent tax changes and ongoing conflicts with the previous government. However, according to the medium-term budget plan published by the Ministry of Finance and National Planning on Sunday, production is expected to increase annually from 2025 to 2027. This anticipated growth relies on resolving challenges at some of the country's major mines, developing green-field projects, and expanding existing facilities.

Zambia

Copper

Mining

Economy

Mineral Resources