Zambia Chamber of Mines to promote investment prospects as Critical Minerals Africa partner
Zambia’s mining industry has surged to third place in global investment attractiveness in 2024, up from 12th in 2023, due to a solid mining policy environment, according to a new report released by global think tank Fraser Institute. The country has attracted US$10 billion in fresh investments over the past three years, as a result, with a positive outlook for continued growth.
As part of its commitment to driving investment and sustainable growth in the mining sector, the Zambia Chamber of Mines has joined the Critical Minerals Africa (CMA) 2024 summit as a partner. At CMA, representatives from the Zambia Chamber of Mines, including Chief Executive Officer Sokwani William Chilembo, will promote the country’s critical mineral sector to potential investors.
Zambia is the world’s seventh-largest and Africa’s second-largest producer of copper, a key mineral for the manufacturer of wind turbines, solar panels, battery storage, and electric vehicles. The country aims to boost copper production to three million tons per year by 2031, leveraging partnerships with global mining firms to meet this target. In July 2024, Canadian mining firm Ivanhoe Mines resumed production at the Mopani Mine, following 30 years of project maintenance. The project will add up to 140,000 tons of copper and zinc concentrate to Zambia’s total annual output, driving the country closer to its production increase target. In April 2024, the country secured US$1.1 billion in investment from UAE mining firm International Resources Holding to bolster production at Mopani Mine, in exchange for a 51% stake in the project. The investment will enable production at the mine to be increased to 200,000 tons in the next three years. At CMA, the Zambia Chamber of Mines will provide an update on the state of play of the country’s copper value chain.
As the demand for critical minerals increase globally and Zambia’s mining sector expands, the country is establishing various state boards, mining institutions, and statutory bodies to ensure sustainable management of the industry. In mid-June, Zambia announced plans to establish a state-owned mineral trading company to optimize resource monetization for GDP growth. In May 2024, Zambia announced a US$6 million investment to establish a Mining Technology Hub to foster partnerships with global players and advance mining technologies. As the association for mining and allied companies driving Zambia’s critical minerals industry expansion, the Chamber of Mines of Zambia will discuss and forge partnerships on knowledge sharing and capacity building with global stakeholders during CMA 2024.
“Zambia’s critical mineral sector has seen remarkable growth, driven by an enabling policy environment that attracts significant investments. As a key player in the global energy transition, Zambia is poised to increase its contribution to sustainable energy solutions, reinforcing its importance on the world stage,” stated Rachelle Kasongo, Project Director at CMA organize, Energy Capital & Power.
