Zambia and Mercuria Launch Copper Exports After Govt Waives Export Duty
Zambia and Mercuria Begin Copper Exports Under New Partnership After Export Duty Suspension
Zambia’s state-owned Industrial Development Corporation (IDC) and global commodities trader Mercuria Energy Group are set to export their first shipment of copper concentrates under a new joint venture, following a government waiver on export duties.
The Zambian government issued a temporary suspension of the 10% export duty on semi-processed copper, covering 255,357 metric tons of copper concentrates.
The waiver—granted on June 28 and formalized the day before—will remain in effect until October 1, according to official regulations.
IDC Chief Investments Officer Mainga Mukando announced during a livestream this week that the venture is actively purchasing and marketing copper concentrates from mining firms across Zambia.
“What we’re trying to do is move up the value chain,” Mukando said. “We have begun to market our minerals and are now actively buying concentrates from local mining houses.”
The 50-50 partnership between IDC subsidiary Industrial Resources Ltd. and Mercuria aims to help Zambia gain more control over its mineral exports and retain a larger share of the profits.
This strategy aligns with broader African efforts to increase value addition within the continent.
Zambia has long criticized certain exporters for allegedly using “creative accounting” techniques to shift profits offshore, depriving the country of much-needed revenue.
Meanwhile, global demand for copper concentrates is soaring, with smelter expansions pushing spot market terms to historically low levels. This dynamic presents a significant commercial opportunity for the IDC-Mercuria venture.
According to the regulation, the waiver covers major contributors, including:
International Resources Holding (IRH) – 100,000 tons
First Quantum Minerals Ltd. – 50,357 tons
Vedanta Resources Ltd. – 55,000 tons
Mercuria declined to comment on the venture. However, the collaboration marks a significant step in Zambia’s efforts to enhance its role in global copper trading while maximizing domestic returns from its mineral wealth.
