The government plans to transfer more than 40 of its reserved permits to a state-owned enterprise.
Zambia is poised to significantly increase its copper production, with ambitions to more than quadruple output by the early 2030s, according to Bloomberg News. This ambitious plan requires substantial investment from companies to transition early-stage projects into fully operational mines.
Jito Kayumba, President Hakainde Hichilema’s special assistant for finance and investment, revealed that over 40 mining permits will be transferred to a new state-owned enterprise, which will negotiate partnerships with potential investors while retaining minority stakes without operational involvement. Currently, First Quantum Minerals and Barrick Gold account for approximately two-thirds of Zambia’s copper production and have plans for future output increases.
The state-owned entity will also manage mining licenses and provide government-funded aerial geophysical survey data. Additionally, Zambia is encouraging collaborative efforts between investors, operating partners, and the state to develop new mining projects. Earlier this year, plans were announced to establish a state-owned investment company that will hold at least a 30% share in the production of essential minerals from future projects, aligning with Zambia’s goals to enhance its copper output and leverage reserves of cobalt, graphite, and lithium.
