Zambia’s Finance Minister, Situmbeko Musokotwane, anticipates a surge in the country’s copper output, potentially reaching around 1 million tons by 2026. This growth projection is underpinned by investments directed towards expanding production capacities at various mines, including those under the ownership of First Quantum Minerals (FM.TO).
Despite a gradual decline in copper production in Africa’s second-largest copper producer, Zambia is striving to elevate its output to approximately 3 million tons within the coming decade. In 2023, copper production dipped to 698,000 tons from 763,000 tons the previous year, as reported by the Zambia Chamber of Mines.
The anticipated production increase is expected to benefit from the involvement of key players such as Mopani Copper Mines, which recently secured new investment, and the revival of Konkola Copper Mines (KCM) following the resolution of an ownership dispute with Indian miner Vedanta Resources.
Musokotwane highlighted the reentry of major players like Mopani and KCM into the mining landscape as a positive development that would contribute to the envisioned rise in copper output.
Investments aimed at expanding production at First Quantum’s Kansanshi mine, along with Barrick Gold’s commitment to boost output at its Lumwana mine to approximately 240,000 tons by 2028 through a $2 billion investment, are poised to bolster metals production in Zambia.
Additionally, International Resources Holding (IRH) from the United Arab Emirates pledged $1.1 billion towards enhancing output at Mopani mines after acquiring a 51% stake in the copper assets previously held by Glencore.
Zambia is optimistic that these fresh investments will stimulate increased mining activities at KCM post the resolution of the ownership dispute with Vedanta. Musokotwane expressed confidence that by the end of 2025 to 2026, Zambia could surpass the milestone of producing over a million tons of copper.