Zambia’s mining industry is experiencing a transformative phase, propelled by policy changes, targeted investments, and exploration endeavors to tap into the nation’s abundant mineral resources. Copper and emeralds represent 70% and 20% of Zambia’s export revenues respectively, leading the government to prioritize mining advancements for economic growth.
Mopani Acquisition Completed
In April 2024, International Resources Holding (IRH) finalized the purchase of a 51% stake in Mopani Copper Mine, a major copper producer in Zambia, from ZCCM Investments Holdings, a state mining entity. As part of this $300 million acquisition, IRH plans to increase the mine’s copper output to 200,000 metric tons over the next three to four years. This expansion aims to help Zambia achieve its goal of boosting copper production from 700,000 to three million metric tons in the next decade.
Zambia’s Third Largest Copper Reserves Discovered
Zambian President Hakainde Hichilema revealed in February 2024 the discovery of significant copper reserves at the Mingomba exploration site by KoBold Metals, a startup backed by Bill Gates. This project is projected to yield between 500,000 and 600,000 metric tons of copper, potentially ranking it among the world’s largest copper mines. A $2 billion investment is needed for its development.
Anglo American Expands Copper and Cobalt Exploration
In February 2024, Anglo American, a British mining giant, announced its copper and cobalt exploration efforts in Zambia’s mineral-rich North Western province. This initiative is part of a joint venture with Arc Minerals, established in 2023 with an initial investment of $88.5 million. The project supports Zambia’s drive to attract investments and optimize mineral resource utilization. Anglo American aims to meet the rising demand for critical minerals essential for the global energy transition.
National Geological Mapping Program Launched
President Hichilema initiated a national geological mapping program in February 2024 to enhance Zambia’s understanding of its mineral resources and potential. This program is set to bolster both new and ongoing exploration and infrastructure projects, aligning with Zambia’s ambition to become a leading supplier of critical minerals for the energy transition. President Hichilema emphasized the program’s role in attracting private sector investments, noting Zambia’s pivotal position in meeting global copper demand by 2040.
Zambia, European Commission Collaborate on Critical Minerals Value Chain
In October 2023, Zambia joined forces with the European Commission and the DRC government to boost research, development, and funding for critical minerals and mining infrastructure projects like the Lobito Corridor. This partnership includes European Commission funding for the Lobito Corridor, facilitating easier access to regional and global markets for Zambia’s mineral exports.
Mineral Regulations Commission Bill, 2023 Adopted
The Zambian parliament approved the Mineral Regulations Commission Bill in September 2023, addressing environmental concerns and illegal mining while optimizing fiscal terms to attract investments and increase government revenue. The bill also designates Zambian minerals, from copper and cobalt to gold and diamonds, as strategic resources.
Antler Gold Begins Exploration at Ufipa Gold Project
Canadian gold explorer Antler Gold kicked off an exploration program at the Ufipa Gold Project, covering 473,627 hectares in the untapped western extension of the Ubendian Belt. This project holds promise for economically viable gold deposits, further enriching Zambia’s diverse mineral resources.
