Zambia plans to boost copper output to over 1 million tons in 2024, building ties with the UAE and Saudi Arabia. The International Resources Holding has increased production at Mopani mine and aims for 150,000 tons by 2025. Kayumba expresses optimism about Gulf investments supporting Zambia’s vision for substantial increases in production, aided by renewable energy projects.
Zambia is poised to significantly enhance its copper production, aiming to surpass 1 million tons this year, supported by strengthened ties with the oil-rich Gulf nations, specifically the United Arab Emirates and Saudi Arabia. Jito Kayumba, Zambia’s presidential advisor on finance and investment, indicated that production is expected to rise from roughly 720,000 tons in 2024.
International Resources Holding RSC Ltd. of Abu Dhabi has already managed to increase output by 32% at the Mopani mine after successfully acquiring a majority stake in late 2023. Kayumba mentioned that IRH aims for production of 150,000 tons by 2025.
While in Riyadh for the Future Minerals Forum, Kayumba expressed optimism about further collaborations with Saudi Arabia, referencing a recent memorandum of understanding to advance mineral resource projects. “The UAE is aggressively pursuing new investments and the MOU with Saudi Arabia tells you how serious the relationship is,” Kayumba stated.
Kayumba emphasized the crucial role Gulf investors are expected to play in Zambia’s ambition of more than quadrupling copper output by the decade’s end. He foresees Saudi Arabia being among the first investors following the potential findings from ongoing mapping studies for development prospects.
Saudi Arabia has actively sought partnerships with international miners in recent years, including companies such as Barrick Gold, Vale SA, and Vedanta Resources, as it aims to establish a robust metals and mining sector. The state-backed Manara Minerals Investment Co. is pursuing a stake in First Quantum Minerals Ltd.’s Zambian operations but was recently outbid by Japan’s Mitsui & Co.
As Africa’s second-largest copper producer after the Democratic Republic of Congo, Zambia has engaged in discussions with Manara, state-owned Maaden, and the Saudi Ministry of Industry and Mineral Resources to foster collaboration in the mining sector.
Despite earlier concerns, Kayumba does not anticipate power shortages affecting copper production this year, highlighting new solar energy projects expected to commence operations by the second quarter and the availability of power surplus from neighboring Tanzania. “There’s a lot of stuff now in place to mitigate the risks around this,” he noted.
Zambia, recognized as Africa’s second-largest copper producer, is actively seeking to enhance its mining output through foreign investments, particularly from Gulf nations. This strategic move is part of Zambia’s broader objectives to increase its copper production significantly. Collaborations with entities such as International Resources Holding from the UAE and potential partnerships with Saudi Arabian companies play a vital role in achieving these goals. The development of renewable energy sources further supports the country’s mining ambitions, mitigating potential power supply issues.
Zambia’s copper production is set to spike past 1 million tons this year, bolstered by partnerships with Gulf nations like the UAE and Saudi Arabia. The involvement of companies such as International Resources Holding signifies a commitment to increasing output. With strategic investments and renewable energy initiatives, Zambia aims to overcome hurdles and firmly establish itself in the mining landscape.
Original Source: www.mining.com
