Zambia Eyes Significant Increase in Copper Production by 2026
Zambia, Africa's second-largest copper producer, is poised for a substantial increase in copper output, potentially reaching about 1 million tons by 2026. Finance Minister Situmbeko Musokotwane shared this optimistic outlook, highlighting the pivotal role of ongoing and planned investments in expanding production at key mining sites, including those operated by First Quantum Minerals.
Despite a recent decline in production — falling from 763,000 tons in the previous year to 698,000 tons in 2023 — the Zambian government remains committed to its ambitious target of boosting copper output to approximately 3 million tons within the decade. This goal underscores copper's crucial contribution to Zambia's economic growth.
The anticipated production boost is partly attributed to new developments at Mopani Copper Mines, which has welcomed a new investor, and the resolution of an ownership dispute involving Konkola Copper Mines (KCM) and Indian mining giant Vedanta Resources. These developments have reintegrated Mopani and KCM into Zambia's copper production framework, signaling a positive turnaround for the industry.
Further support for the expected increase in copper production comes from ongoing expansion efforts at First Quantum's Kansanshi mine. Additionally, Barrick Gold, a Canadian mining company, announced a $2 billion investment plan to elevate output at its Lumwana mine in Zambia to approximately 240,000 tons of copper by 2028.
Moreover, the United Arab Emirates' International Resources Holding (IRH) has committed to investing $1.1 billion to enhance production at the Mopani mines, following its acquisition of a 51% stake in the copper assets formerly owned by Glencore.
The Zambian government is also optimistic about revitalizing mining operations at KCM, which faced challenges after a protracted ownership dispute with Vedanta that began in 2019. This dispute had significantly hampered operations, but with fresh investments, Zambia is hopeful for a resurgence in mining activities at KCM.
