Zambia’s Copper Production Set to Soar to 1 Million Tons by 2026 Amid Mine Expansions
Zambia anticipates a significant rise in copper output, potentially reaching close to 1 million tons by 2026, driven by investments in expanding production at various mines, including those owned by First Quantum Minerals, according to Finance Minister Situmbeko Musokotwane.
Copper production, crucial for Zambia’s economic prosperity, has been experiencing a gradual decline in Africa’s second-largest producer of the metal. Despite this, the government aims to boost output to around 3 million tons within the next decade.
In 2023, copper output decreased to 698,000 tons from 763,000 tons the previous year, as indicated by data from the Zambia Chamber of Mines.
The recent involvement of new investors in Mopani Copper Mines and the resolution of the ownership dispute with Indian miner Vedanta Resources regarding Konkola Copper Mines (KCM) are expected to contribute to the production boost.
Musokotwane highlighted the significance of these developments, stating that with the return of Mopani and KCM, previously excluded from the equation, Zambia’s copper industry is poised for growth.
Furthermore, ongoing investments in expanding output at First Quantum’s Kansanshi mine and Barrick Gold’s commitment to increase production at its Lumwana mine to about 240,000 tons of copper by 2028 are expected to further support the surge in copper production.
Additionally, the investment pledge of $1.1 billion by the United Arab Emirates’ International Resources Holding (IRH) to expand output at Mopani mines following the acquisition of a 51% stake is anticipated to contribute significantly to the production targets.
With fresh investments and operational improvements, Zambia aims to see a substantial increase in mining activities at KCM, with the finance minister expressing optimism about exceeding the 1 million tons copper production milestone by the end of 2025 to 2026.
