Zambia Secures Over US$12 Billion in Mining Investment as Copper Production Target Drives Expansion
Zambia’s mining sector has attracted more than US$12 billion in investment over the past five years, reflecting renewed capital commitments to existing operations and the development of new mining projects.
Ministry of Mines and Minerals Development Permanent Secretary Hapenga Kabeta disclosed the investment figure during the Zambia Mining and Investment Insaka in Lusaka, where government officials and industry stakeholders discussed measures to strengthen the country’s mining investment climate.
Mr Kabeta said the Government was engaging mining companies to identify and address regulatory, operational and investment challenges that could affect the sector’s growth and undermine investor confidence.
He said Zambia had benchmarked its mining policies against those of Chile, the Democratic Republic of Congo, Ghana, Tanzania and Botswana to identify approaches that could improve the country’s competitiveness.
The review had informed efforts to develop a balanced mining fiscal framework capable of attracting domestic and international investment while ensuring the sector contributed to national economic development.
Investment to Support Copper Production Growth
The investment is expected to support mine development, expansion projects and the recapitalisation of existing operations as Zambia pursues its target of producing three million tonnes of copper annually by 2031.
Major investments in recent years have included First Quantum Minerals’ US$1.25 billion expansion at Kansanshi Mine, Barrick Mining’s approximately US$2 billion Lumwana Super Pit project, and recapitalisation programmes at Mopani Copper Mines and Konkola Copper Mines.
New projects, including the Mingomba copper project in Chililabombwe and the Kitumba project in Mumbwa District, have also featured in the country’s plans to expand production capacity and strengthen its position in the global copper market.
Achieving the three-million-tonne target will require sustained investment in exploration, mine development, processing capacity and supporting infrastructure.
Strengthening the Mining Investment Climate
The Government has also pursued institutional and regulatory reforms intended to improve transparency, streamline administrative processes and strengthen mineral resource governance.
These measures are aimed at encouraging investment while ensuring mining rights are used productively and projects progress towards development and production.
Mr Kabeta said continued engagement between the Government and industry would be important in addressing investors’ concerns and mobilising the capital required to expand mining activity.
Beyond copper production, the expansion of the sector is expected to support employment, increase business opportunities for local suppliers and stimulate activity across related industries.
The Government has emphasised that mining growth should translate into broader economic benefits through job creation, local participation and increased value addition.
As Zambia works towards its long-term production ambitions, sustained investment and the effective implementation of mining projects will remain central to expanding output and strengthening the sector’s contribution to the national economy.
