Zambia Aims to Reclaim Title as Africa’s Leading Copper Producer
Finance and National Planning Minister Dr. Situmbeko Musokotwane has expressed confidence that Zambia’s current policies and strategies will enable the country to reclaim its position as Africa’s leading copper producer.
Dr. Musokotwane made these remarks during a courtesy call by Barrick Lumwana Country Manager Anthony Malenga in Lusaka.
Mr. Malenga announced that the Lumwana super-pit expansion project, valued at $2 billion, will commence in 2025, following the completion of feasibility studies. The expansion is expected to create approximately 2,500 jobs.
“In the interim, we will continue to ramp up production and aim to reach 240,000 metric tons per annum when the new mine comes on stream,” said Malenga.
Dr. Musokotwane expressed his enthusiasm for the progress in mineral exploration at Lumwana and other parts of the country. He emphasized that achieving the national copper production target of 3 million tons per annum by 2030 requires consistent contributions from all stakeholders in the mining sector.
“As a government, we will continue to embrace and implement measures necessary to regain our copper mining leadership in Africa,” he added.
In addition to the mine expansion, Lumwana is implementing a significant corporate social responsibility initiative through a Business Accelerator Programme.
This programme aims to enhance the competitiveness of Zambian contractors in the supply chain, supporting local businesses to grow, diversify, and ensure sustainability beyond the lifespan of the Barrick Lumwana Mine.
Currently, the Democratic Republic of Congo (DRC) leads Africa in copper production, with an annual output of approximately 2.5 million metric tons in 2023.
Dr. Musokotwane also announced that Zambia will host the 14th Debt Management Facility (DMF) Forum on June 19-20, 2024, in Livingstone.
Themed “Debt Management for Resilience: Adapting to Changes,” the forum is organized under the auspices of the World Bank and aims to discuss the current debt landscape and explore opportunities to address these challenges.
The forum will feature eight sessions and will be attended by delegates from various countries, including Benin, Brazil, Côte d’Ivoire, Ghana, Grenada, Kenya, Madagascar, New Zealand, Sierra Leone, South Korea, Sri Lanka, Tonga, and Uganda.
Institutional delegations will include representatives from the African Development Bank, International Monetary Fund (IMF), Macro-Economic and Financial Management Institute (MEFMI) of Eastern and Southern Africa, World Bank Group, and the West African Institute for Financial and Economic Management.
The forum is expected to provide a platform for insightful discussions and the sharing of best practices in debt management to enhance economic resilience and sustainability.
