Abundant Copper Makes Zambia an Attractive Destination for Foreign Investors.
This year’s African Mining Indaba marked the emergence of Zambia as a leading destination for capital, presenting a unique opportunity for investors. The conference serves as a stage for showcasing the potential and appeal of different countries in the eyes of investors.
Under the leadership of President Hakainde Hichilema, a seasoned businessman, Zambia has been making a concerted effort to attract foreign investment since his August 2021 inauguration. The country’s efforts have been met with positive reception.
In a recent interview, Neal Froneman, CEO of Sibanye-Stillwater, praised President Hichilema and the investment climate in Zambia, stating, “Zambia is presenting a very favorable picture. The President’s professional approach and focus on practical business matters have made him a refreshing change.”
The mining industry is buzzing with excitement over Zambia’s investment potential, with the country’s abundant copper resources and favorable investment climate drawing attention from key players in the sector. Neal Froneman, CEO of Sibanye-Stillwater, praised Zambia’s assets and acknowledged that the company is exploring potential investment opportunities in the country.
Copper fits well with Sibanye’s strategy of diversifying into “green” or “critical” metals, which are vital for the global transition to clean energy. Froneman also pointed out that Zambia’s deep mining assets and the shortage of companies with deep underground mining experience make it an ideal fit for Sibanye’s skill set.
And Peter Major, Director of Mining at Modern Corporate Solutions, also praised Zambia’s investment environment, citing the country’s positive attitude towards mining, accessible government, clear legislation, and transparent mining cadastre.
Marna Cloete, President of Ivanhoe Mines, similarly praised President Hichilema’s business background and dynamic approach to attracting investment, and highlighted the recent improvements in engagement with the Zambian government.
Zambia is rich in valuable commodities, including copper, cobalt, gold, nickel, and manganese, and has overcome past uncertainties and concerns about taxes and resource nationalism to become an attractive destination for investment.
President Hichilema’s performance at the Indaba in May of last year helped to lay the foundation for the current wave of interest in Zambia, with First Quantum Minerals’ $1.35 billion investment in two new projects serving as a major demonstration of confidence in the country’s future.
Despite the challenges posed by its land-locked, tropical location, the perception among attendees at the Indaba is that Hichilema is committed to unlocking the country’s resource potential through foreign investment.
