Zambia plans to boost copper production to over 1 million tons this year through strengthened ties with the UAE and Saudi Arabia. Prominent investor International Resources Holding aims to increase output at the Mopani mine. Collaborations between Zambia and Gulf nations are seen as essential for significantly augmenting copper output by the early 2030s, amidst discussions on energy solutions to support this expansion.
Zambia is set to elevate its copper production to over 1 million tons this year, strengthening its relations with affluent Gulf nations like the United Arab Emirates and Saudi Arabia. Jito Kayumba, the special assistant for finance and investment to Zambia’s president, projects an increase from approximately 720,000 tons by 2024.
International Resources Holding RSC Ltd., based in Abu Dhabi, has already improved output by 32% at the Mopani mine after acquiring a majority stake in late 2023; they aim for 150,000 tons by 2025.
While attending the Future Minerals Forum, Kayumba shared expectations for further collaborations with Saudi Arabia, following a recently signed memorandum of understanding to join forces on mineral resource initiatives. He emphasized the UAE’s keen investment appetite and the growing seriousness of relations with Saudi Arabia.
Kayumba underscored that Gulf investors play a significant role in Zambia’s ambition to more than quadruple copper output by the early 2030s. He anticipates that Saudi Arabia will lead investment efforts once Zambia’s mapping studies identify feasible development opportunities.
Saudi Arabia has been active in forging partnerships with international mining companies, having recent dealings with Barrick Gold Corp., Vale SA, and Vedanta Resources Ltd. Additionally, the Saudi state-backed Manara Minerals Investment Co. is competing for a stake in First Quantum Minerals Ltd.’s Zambian operations, although they faced competition from Mitsui & Co.
As Africa’s second-largest copper producer after the Democratic Republic of Congo, Zambia has engaged in discussions with Saudi stakeholders about enhanced cooperation. Kayumba does not foresee power shortages impeding the country’s copper production, highlighting upcoming solar power projects and surplus electricity availability from Tanzania.
Zambia, recognized as Africa’s second-largest copper producer, is pursuing significant increases in copper production to attract investment and bolster its economy. The country is looking to deepen collaborations with Gulf states, particularly the UAE and Saudi Arabia, aiming to leverage their financial resources for expanding its mining capabilities. This strategy is part of a broader vision to position Zambia as a leading player in the global copper market as demand continues to rise.
In summary, Zambia’s proactive approach to increasing copper production is characterized by strategic partnerships with investment-rich nations such as the UAE and Saudi Arabia. As the country aims to surpass 1 million tons in copper output, its collaboration with Gulf investors appears vital for achieving this ambitious goal. Furthermore, with anticipated advancements in energy availability, Zambia is on a promising path to enhance its mining sector significantly.
Original Source: www.mining.com
