In 2024, Zambia’s copper output increased by 12%, reaching around 820,670 metric tons due to recovery at major mines. Key contributors include Barrick Gold’s Lumwana and Vedanta’s Konkola Copper Mines, with investments aimed to boost production amid challenges like electricity shortages. The Zambian government aspires to increase output to 3 million tons per year over the next decade, securing its status as Africa’s second-largest copper producer.
Zambia’s copper production saw a 12% increase in 2024, reaching approximately 820,670 metric tons, compared to 732,580 tons in the previous year. This rise is largely attributed to the recovery of major mining operations, including Barrick Gold’s Lumwana mine and Vedanta Resources’ Konkola Copper Mines, which has resumed its activities. Additionally, Mopani Copper Mines has also ramped up output following new ownership by International Resources Holding from the United Arab Emirates.
The increase in Zambia’s copper production is notable, particularly as it occurred despite challenges such as electricity shortages stemming from a severe drought that impacted hydroelectric power availability. Mines Minister Paul Kabuswe emphasized the significance of these production gains for Zambia’s economic ambitions. The country aims to elevate its annual copper output to 3 million tons over the next decade, solidifying its position as Africa’s second-largest copper producer after the Democratic Republic of Congo.
Significant investments from various entities are fueling this recovery. Vedanta Resources plans to inject approximately $1.3 billion into revitalizing production at Konkola Copper Mines, which suffered a near collapse during an ownership dispute with local authorities. Furthermore, international companies, including Barrick and First Quantum Minerals, are increasing their output, while KoBold Metals intends to establish a $2 billion copper mine in Zambia, supported by U.S. investors.
The copper mining sector is vital to Zambia’s economy, representing a key area for growth and development. The country’s rich mineral resources play a crucial role in its economic strategy, as copper is integral to various global industries, including electronics and construction. In recent years, the Zambian government’s focus has been on enhancing production levels to secure Zambia’s status within the global mining sector. The challenges posed by environmental factors such as drought and energy shortages underline the resilience and adaptability of the mining industry in Zambia.
Zambia’s copper production is on an upward trajectory, reflecting a 12% increase in 2024, which the government hopes to leverage for economic prosperity. This growth results from recovery efforts in key mines, significant investments by companies, and the resilience of operations despite adversities. Maintaining this momentum will be crucial for Zambia to achieve its long-term production goals and reaffirm its significant role in the African copper market.
Original Source: www.marketscreener.com
