Zambia aims to boost its copper production to over 1 million tons in 2023 by fostering partnerships with the UAE and Saudi Arabia. Notable investments include a 32% increase in Mopani mine output by International Resources Holding. Meetings with Saudi stakeholders suggest further collaboration, while Zambia builds its mining capabilities amid energy supply improvements.
Zambia is set to increase its copper production to a record level exceeding 1 million tons this year, aiming to strengthen its economic ties with the oil-rich nations of the United Arab Emirates and Saudi Arabia. Jito Kayumba, who serves as the special assistant to Zambia’s president for finance and investment, indicated that production could rise from approximately 720,000 tons in 2024.
International Resources Holding RSC Ltd. of Abu Dhabi has already achieved a 32% increase in output at the Mopani mine after acquiring a majority stake late in 2023. The company is now aiming to produce 150,000 tons by 2025, though they have not provided immediate comments.
While attending the Future Minerals Forum, Kayumba expressed optimism about further investments from Saudi Arabia, particularly following the recent signing of a memorandum of understanding with the kingdom focusing on mineral resource collaboration. “The UAE is aggressively pursuing new investments and the MOU with Saudi Arabia tells you how serious the relationship is,” remarked Kayumba, reflecting on the commitment of Gulf investors to Zambia’s mining sector.
Gulf investment is deemed essential for Zambia to achieve its target of quadrupling copperoutput by the beginning of the next decade. Kayumba noted that Saudi Arabia is likely to be among the primary investors once the ongoing mapping study identifies promising development prospects.
Saudi Arabia has been active in securing partnerships with international mining firms, including Barrick Gold Corp., Vale SA, and Vedanta Resources Ltd., as part of its strategy to establish its own metals and mining sector. Recently, the Saudi state-backed Manara Minerals Investment Co. sought a stake in First Quantum Minerals Ltd.’s Zambian operations, though it was outbid by Mitsui & Co. of Japan.
Zambia, recognized as Africa’s second-largest copper producer after the Democratic Republic of Congo, is currently in discussions with Manara, the state miner Maaden, and the Saudi Ministry of Industry and Mineral Resources to foster deeper collaboration. Kayumba has declared confidence that power shortages will not impede the nation’s copper production growth this year, citing the forthcoming commissioning of solar plants within the second quarter and a surplus power supply from neighboring Tanzania.
“There’s a lot of stuff now in place to mitigate the risks around this. Mining will not be hindered,” Kayumba stated confidently.
Zambia has positioned itself as a crucial player in the global copper market, planning to scale its production significantly by securing partnerships with wealthier nations like the UAE and Saudi Arabia. The involvement of Gulf investors is anticipated to play a pivotal role in funding Zambia’s ambitions, as they seek to develop their own mining infrastructure and capabilities.
In conclusion, Zambia’s strategic engagement with the UAE and Saudi Arabia underscores its commitment to boosting copper production to unprecedented levels. With ambitious targets and international cooperation, particularly from Gulf investors, Zambia is poised to enhance its standing in the global mining landscape while overcoming challenges related to energy supply.
Original Source: www.mining.com
