Zambia’s copper output increased by 12% in 2024, reaching 820,670 metric tons. The rise is attributed to improved production at key mines such as Lumwana and Konkola Copper Mines. Despite facing electricity shortages from drought, mining companies plan significant investments to boost future production. The government aims to raise annual copper output to 3 million tons within the next decade.
Zambia’s copper production increased by 12% in 2024, reflecting a resurgence in output from significant mining operations. The total output reached approximately 820,670 metric tons, an increase from 732,580 tons the previous year, according to Mines Minister Paul Kabuswe. This rise in output is attributed to the enhanced performance at Barrick Gold’s Lumwana mine and the resumption of operations at Vedanta Resources’ Konkola Copper Mines (KCM). Mopani Copper Mines also reported increased production following its acquisition by International Resources Holding from the United Arab Emirates.
Minister Kabuswe highlighted that the production boost occurred despite ongoing electricity shortages resulting from a severe drought that impacted hydroelectric power generation. As Africa’s second-largest copper producer, Zambia aims to elevate its annual copper output to 3 million tons over the next ten years. Significant investments are underway, including Vedanta’s $1.3 billion commitment to revitalize KCM, which faced near collapse following a contentious ownership dispute with Zambian authorities.
Moreover, Canadian mining giants Barrick and First Quantum Minerals are actively increasing their production levels in Zambia. Additionally, KoBold Metals, supported by U.S. investors, has announced plans for a $2 billion copper mining venture within the nation. This upturn in copper output is essential for Zambia’s economic recovery, as the government relies heavily on the mining sector for growth.
Copper mining is a crucial sector for the Zambian economy, providing significant contributions to national revenue and employment. Zambia is the second-largest copper producer in Africa, following the Democratic Republic of Congo, and is seeking to enhance its mining framework to boost annual output significantly. Recent investments and production recoveries at major mines indicate a pivotal shift towards revitalizing this sector and addressing challenges, including infrastructural deficiencies and energy shortages due to environmental factors.
In summary, Zambia’s copper production rebounded impressively by 12% in 2024, driven by recovery at key mines alongside substantial investments aimed at enhancing productivity. The government’s efforts to achieve a target of 3 million tons annually highlight the crucial role of the mining sector amid challenges posed by electricity shortages. The commitment from both local and foreign investors underscores the optimistic trajectory for Zambia’s copper industry in the forthcoming years.
Original Source: www.marketscreener.com