Zambia Ranks Third Most Attractive Mining Investment Destination in Africa
Zambia Climbs Global Mining Investment Rankings in 2025 Fraser Institute Survey
Zambia has been ranked the third most attractive mining investment destination in Africa, according to the 2025 Annual Survey of Mining Companies by the Fraser Institute.
The country trails only Botswana and Morocco on the continent. Globally, Zambia improved its position to 25th place on the Investment Attractiveness Index, up from 28th in the previous survey.
Zambia’s score on the index rose to 72.84, reflecting growing investor confidence in the country’s mineral potential and policy environment.
The survey assessed 68 jurisdictions worldwide and gathered responses from 256 mining executives representing companies with a combined exploration budget of approximately US$4.2 billion.
The Investment Attractiveness Index measures both mineral potential and policy factors affecting investment decisions. These include regulatory stability, taxation, legal frameworks, infrastructure, political stability, labour regulations and administrative efficiency.
Zambia also recorded progress on the Policy Perception Index, climbing to 30th globally with a score of 74.96, up from 38th in the previous survey.
However, the report notes that further improvements are needed in areas such as trade-related procedures, security perceptions and clarity around labour regulations.
Under the Best Practices Mineral Potential Index, Zambia scored 71.43, ranking 20th globally and sixth in Africa. The ranking highlights the country’s strong resource base, particularly in copper, cobalt, gold and emerging critical minerals.
Finance and National Planning Minister Situmbeko Musokotwane said the improved ranking reflects the government’s reform agenda under President Hakainde Hichilema.
Musokotwane said the results demonstrate progress in restoring macroeconomic stability, strengthening fiscal discipline and promoting private sector-led growth.
He added that the government has worked to align policies across institutions, restore budget credibility, improve regulatory clarity and strengthen engagement with investors.
According to the minister, Zambia has attracted around US$12 billion in mining investment commitments since 2021 as a result of these reforms.
