Zambia’s mining sector is undergoing a significant transformation, driven by a series of policy reforms, strategic investments, and exploration activities aimed at harnessing the country’s vast mineral wealth. With copper and emeralds accounting for 70% and 20% of Zambia’s export earnings respectively, the government is prioritizing mining developments to progress the economy.
Mopani Acquisition Finalization
Mining company International Resources Holding (IRH) completed the acquisition of a 51% stake in Mopani Copper Mine – one of Zambia’s largest copper production sites – from state mining firm ZCCM Investments Holdings in April 2024. IRH will provide $300 million capital to boost copper production at the mine to 200,000 metric tons within the next three to four years as part of the acquisition deal. The expansion of the mine is expected to contribute to meeting a target set by the government to increase Zambia’s copper production from over 700,000 to three million metric tons over the next 10 years.
Zambia Discovers World’s Third Largest Copper Reserves
Zambian President Hakainde Hichilema announced the discovery of world-class copper reserves at the Mingomba exploration project by Bill-Gates backed exploration startup KoBold Metals in February 2024. With an expected production of between 500,000 and 600,000 metric tons, the project is anticipated to become one of the largest copper mines globally. An investment of $2 billion is required to develop the project.
Anglo American Announces Copper, Cobalt Exploration
British multinational mining company Anglo American announced the progression of an exploration campaign for copper and cobalt in Zambia’s mineral-rich North Western province in February 2024. The exploration campaign is one of the projects being undertaken by a joint venture company – with an initial capital of $88.5 million – established by Anglo American and exploration and mine development firm Arc Minerals in 2023. The exploration project aligns with Zambia’s efforts to secure new investments to maximize the exploitation of minerals resources. Anglo American says the project is part of its commitment to meet the growing demand of critical minerals to supply the global energy transition.
Zambia Unveils Geological Mapping Program
President Hichilema launched a national geological mapping program in February 2024 to help the country better understand its mineral deposits and untapped potential. The program is expected to support new and on-going exploration and infrastructure development in the country’s mining sector, aligning with the government’s efforts to position Zambia as a top supplier of critical minerals required for the energy transition.
President Hichilema said the program will help bring in new investments from the private sector, adding that “By 2040, an additional nine million tons of copper will be required each year to keep up with the pace of global demand. As the home with some of the world’s highest deposits [of copper], Zambia recognizes our role in meeting this demand.”
Zambia Partners with European Commission on Critical Minerals Value chain
The Zambian government partnered with the European Commission and the DRC government in October 2023 to enhance research and development of critical minerals, capacity building, and funding of mining production and infrastructure projects such as the Lobito Corridor. The collaboration will see the European Commission providing funding for the buildup of the Lobito Corridor, which according to the Zambian president will facilitate smoother access to regional and international markets for Zambia’s mineral resources.
Mineral Regulations Commission Bill, 2023
In September 2023, the Zambian parliament voted to adopt the Mineral Regulations Commission Bill – 2023, addressing issues such as environmental degradation and illegal mining while optimizing fiscal terms to attract new investments and boost government revenue from the sector. The bill also declares Zambian mineral resources, including copper, cobalt, lithium, tin, graphite, coltan, manganese, rare earth elements, gold, sugilite, emeralds and diamonds, as strategic minerals.
Antler Gold Commences Exploration Program
Canadian gold exploration company Antler Gold announced the commencement of an exploration program at the Ufipa Gold Project. Covering 473,627 hectares in the unexplored western extension of the Ubendian Belt, Ufipa Gold Project holds significant potential for economically viable gold deposits, further diversifying Zambia’s mineral portfolio.
