Zambia Aims for Major Copper Output Boost Through Investor Partnerships
Zambia is set to enhance its copper output by developing numerous mining licenses in collaboration with investors. The country aims to more than quadruple its production by the early next decade, a goal that will require significant financial investment to advance early-stage projects into operational mines.
In an interview, Jito Kayumba, special assistant for finance and investment to President Hakainde Hichilema, stated that over 40 permits reserved by the Mines Ministry will be transferred to a state-owned company.
This entity will negotiate partnerships with private investors, maintaining significant minority, non-operational stakes in these ventures.
Kayumba emphasized the strong interest in Zambia’s mining sector, citing the numerous unsolicited offers the government has received.
Last year, subsidiaries of First Quantum Minerals Ltd. and Barrick Gold Corp. were responsible for approximately two-thirds of Zambia’s copper production, and these companies are already planning to increase their output in the coming years.
Other notable operators in the region include units of Abu Dhabi’s International Resources Holding, Vedanta Resources Ltd., and China Nonferrous Mining Corp.
The state-owned company, which will be part of Zambia’s Industrial Development Corp., will provide the mining licenses and the results from a government-funded aerial geophysical survey.
Additionally, the government is encouraging investors interested in minority stakes—such as Saudi Arabia’s Manara Minerals Investment Co.—to collaborate with an operating partner and the state to develop available greenfield projects.
