Zambia is set to collaborate with investors to develop dozens of mining licenses as part of its strategy to significantly boost copper production, positioning itself as Africa’s second-largest producer.
The country has outlined an ambitious plan to more than quadruple its copper output by the early 2030s, a target that will require substantial investment from companies to convert early-stage projects into fully operational mines.
According to Jito Kayumba, special assistant for finance and investment to President Hakainde Hichilema, more than 40 mining permits, currently held by the Ministry of Mines, will be transferred to a state-owned company. This company will then enter into agreements with private partners, holding significant minority stakes in the ventures without direct operational control.
“We receive numerous unsolicited offers, which clearly shows the strong interest from investors,” Kayumba stated in a phone interview.
Last year, subsidiaries of First Quantum Minerals and Barrick Gold Corp contributed about two-thirds of Zambia’s copper output. These companies are already working to expand their production in the coming years. Other operators in the country include units of Abu Dhabi’s International Resources Holding, Vedanta Resources, and China Nonferrous Mining Corp.
The state-owned company, under Zambia’s Industrial Development Corp., will contribute mining licenses and data from a government-funded aerial geophysical survey, Kayumba added.
Zambia is also encouraging investors, such as Saudi Arabia’s Manara Minerals Investment Co., who are seeking minority stakes in mining projects, to collaborate with experienced operators and the government to develop these greenfield ventures.
