Anglo American Returns to Zambia to Support Ambitious Copper Production Goals
President Hakainde Hichilema has announced that Anglo American Corporation is re-entering Zambia's mining sector, marking the company’s return after nearly two decades away. This move is expected to bolster Zambia's ambitious target of tripling copper production to 3 million tonnes annually by 2031. Achieving this target is a key component of the government's broader strategy to boost the mining industry, foster investment in exploration, and promote mineral processing as well as the supply of mining goods and services.
President Hichilema met with a delegation from Anglo American led by CEO Duncan Wanblad, reaffirming the company’s renewed commitment to Zambia’s mining sector. The President emphasized that partnerships with established international mining firms like Anglo American are essential for achieving the country's target of 3 million tonnes of copper production per year. As part of its mining strategy, the Zambian government is collaborating closely with the Chamber of Mines to create a stable and attractive investment environment. This includes ensuring that policy and legal frameworks governing the mining sector are conducive to both foreign investment and local economic development.
Anglo American's previous involvement in Zambia included a significant stake in Konkola Copper Mines (KCM). In the early 2000s, the company sold its majority stake in KCM to Vedanta Resources, marking a strategic exit from Zambia. This decision was driven by a broader strategy of divesting from non-core operations while refocusing on higher-priority global assets. At the time, changes in Zambia's mining policies and increasing operational costs contributed to Anglo American's decision to pull back. However, with growing global demand for copper and cobalt, Anglo American is now focusing on new exploration opportunities in Zambia's Northwestern Province.
