Zambia plans to boost copper production to over 1 million tons this year by strengthening ties with the UAE and Saudi Arabia. International Resources Holding has increased output at the Mopani mine and aims for 150,000 tons by 2025. A memorandum of understanding with Saudi Arabia is expected to lead to further collaboration in the mineral resources sector, with Gulf investors playing a key role in Zambia’s mining ambitions.
Zambia is set to achieve a historic copper production milestone, aiming for over 1 million tons this year as it strengthens collaboration with Gulf nations, particularly the United Arab Emirates and Saudi Arabia. According to Jito Kayumba, special assistant for finance and investment to the Zambian president, production is projected to rise from approximately 720,000 tons in 2024.
International Resources Holding RSC Ltd. of Abu Dhabi has already increased output by 32% at the Mopani mine after acquiring a majority stake in late 2023. They are now focused on achieving production of 150,000 tons by 2025. The firm did not provide further comments.
During his attendance at the Future Minerals Forum in Riyadh, Kayumba noted that Zambia anticipates additional agreements with Saudi Arabia following a recently signed memorandum of understanding to enhance cooperation on mineral resources. He stated, “The UAE is aggressively pursuing new investments, and the MOU with Saudi Arabia demonstrates the seriousness of this relationship.”
Kayumba emphasized the vital role of Gulf investors in Zambia’s plan to more than quadruple its copper output by the start of the next decade. He expects Saudi Arabia to be one of the initial investors once Zambia’s current mapping study indicates feasible development sites.
Saudi Arabia has been securing contracts with international mining firms, aiming to develop its own mining hub. Key players include Barrick Gold Corp. from Canada and Vale SA from Brazil. Saudi state-backed Manara Minerals Investment Co. is competing for a stake in First Quantum Minerals’ Zambian operations, though they were recently outbid by Japan’s Mitsui & Co.
As Africa’s second-largest copper producer, Zambia has engaged in discussions with Saudi entities, including Manara, Maaden, and the Ministry of Industry and Mineral Resources for potential partnerships. Kayumba remains optimistic about power supply issues not affecting copper production, citing anticipated solar plant commissions and an excess power supply from neighboring Tanzania. He remarked, “There are numerous strategies in place to mitigate these risks. Mining will not be hindered.”
Zambia, recognized as Africa’s second largest copper producer after the Democratic Republic of Congo, is seeking to enhance its production capabilities significantly. The country is focusing on forming strategic alliances with Gulf nations, particularly the UAE and Saudi Arabia, which have economic resources that can support Zambia’s growth in the copper sector. The collaboration aims to not only expand mining output but also to secure international investments that can bolster Zambia’s mining infrastructure and sustainability.
In summary, Zambia is poised to increase its copper output dramatically, aiming for over 1 million tons in the coming year through strategic partnerships with oil-rich Gulf nations. The country’s focus on collaboration with Saudi Arabia and the UAE underscores its ambition to attract significant foreign investment, especially with companies like International Resources Holding already making strides in the region. Optimism about overcoming power supply challenges further enhances the potential for successful mining expansion in Zambia.
Original Source: www.mining.com
