Zambia’s copper output rose by 12% in 2024, reaching about 820,670 metric tons due to recovery at key mines. Significant operations restored include Barrick Gold’s Lumwana and Vedanta’s Konkola Copper Mines. Despite challenges from electricity shortages, the government aims to boost output to 3 million tons annually within a decade, supported by substantial foreign investment in the sector.
In 2024, Zambia experienced a 12% increase in copper production, attributed to a revival in operations at crucial mining sites. This raised output to approximately 820,670 metric tons, up from 732,580 tons in the previous year, according to Mines Minister Paul Kabuswe. Significant contributions came from Barrick Gold’s Lumwana mine and Vedanta Resources’ Konkola Copper Mines, which resumed activities after significant disruptions, as well as Mopani Copper Mines, recently acquired by International Resources Holding from the United Arab Emirates.
Despite electricity shortages resulting from a severe drought that impacted hydroelectric power generation, copper production in Zambia continued to rise. As the second-largest copper producer in Africa, the Zambian government is strategizing to elevate annual copper output to 3 million tons over the next decade. To facilitate this growth, Vedanta, led by Indian billionaire Anil Agarwal, aims to invest approximately $1.3 billion to revitalize KCM, which previously faced challenges due to an ownership dispute with the government.
Furthermore, Canadian mining companies, including Barrick and First Quantum Minerals, are enhancing production capabilities across their Zambian operations, reflecting an optimistic outlook towards the sector. Additionally, KoBold Metals, an American-backed enterprise, has announced plans for a $2 billion copper mine in Zambia, indicating robust foreign interest in the region’s copper resources.
Zambia’s mining sector is critical to its economy, with copper being the primary export. The country is positioned as Africa’s second-largest copper producer, trailing only the Democratic Republic of Congo. The recent increase in production comes at a time when the Zambian government is prioritizing the copper industry as a key driver for economic recovery and growth. Efforts include investments from both local and foreign entities in the mining sector to boost output and sustain economic development.
The 12% rise in Zambia’s copper production highlights a positive recovery in the mining sector, driven by strategic investments and operational enhancements from key players. As the government continues to target significant growth in copper output over the next decade, the involvement of foreign investments reinforces the potential for economic advancement through mining. This trend underscores Zambia’s vital role in the global copper market and the ongoing efforts to overcome challenges such as electricity shortages.
Original Source: www.marketscreener.com
