Anglo American Initiates Copper and Cobalt Exploration in Zambia

Anglo American has commenced early-stage exploration activities for copper and cobalt in Zambia's North-Western province. During his address at the African Mining Indaba in Cape Town, CEO Duncan Wanblad highlighted the significance of this move for both Zambia and the broader African mining industry. The exploration efforts in Zambia's North-Western Province aim to unearth potential copper and cobalt resources, essential for the global shift towards renewable energy and electric vehicles.

Wanblad emphasized the competitive nature of global mining investments, pointing out the necessity for Africa to enhance its appeal to secure capital in the fiercely competitive international arena. He noted the importance of making mining jurisdictions attractive to investors, underscoring that capital tends to flow towards regions offering the most competitive and stable environments for mining operations.

In line with its strategic objectives, Anglo American plans to reduce its capital expenditure by $1.8 billion by 2026. This decision comes in the wake of declining demand for several metals and a significant writedown related to its fertilizer project in Britain. Like its industry peers, including Rio Tinto, Teck Resources, and Glencore, Anglo American has experienced reduced profits and returns in the first half of the year, attributed to slower economic growth impacting commodity prices.