Zambia Increases Copper Output Through Gulf Investments
Zambia is increasing its copper output to over 1 million tons by deepening ties with the UAE and Saudi Arabia, with support from Gulf investors. International Resources Holding has boosted production at the Mopani mine and aims for further growth. A memorandum of understanding with Saudi Arabia signifies future collaborations, and Zambia anticipates significant investments to enhance its mining capabilities.
Zambia is poised to enhance its copper production to a record high exceeding 1 million tons this year, as it strengthens its collaboration with affluent Gulf states such as the United Arab Emirates and Saudi Arabia. Jito Kayumba, who serves as the special assistant for finance and investment to Zambia’s president, believes that production may rise from approximately 720,000 tons in 2024.
International Resources Holding RSC Ltd., based in Abu Dhabi, has successfully increased output by 32% at the Mopani mine since acquiring a majority stake in late 2023. Kayumba stated during an interview in Riyadh that IRH aims to produce 150,000 tons by 2025.
Attending the Future Minerals Forum, Kayumba mentioned Zambia’s anticipation of forming more agreements with Saudi Arabia following the recent memorandum of understanding aimed at mineral resource collaboration. He emphasized the UAE’s proactive investment pursuits and the significance of the relationship with Saudi Arabia, stating, “They will definitely be in Zambia.”
Gulf nations are expected to be integral partners in Zambia’s ambition to more than quadruple copper production by the start of the next decade. Kayumba noted Saudi Arabia’s interest in investing should ongoing geological studies indicate beneficial development prospects.
Saudi Arabia has been engaging foreign mining companies, establishing partnerships with firms like Canada’s Barrick Gold Corp. and Brazil’s Vale SA. Reports indicate that the state-backed Manara Minerals Investment Co. is vying for involvement in First Quantum Minerals Ltd.’s Zambian operations but faced competition from Japan’s Mitsui & Co.
As Africa’s second-largest copper producer after the Democratic Republic of Congo, Zambia has engaged with numerous Saudi enterprises, including Manara and the state miner Maaden, to enhance mineral collaboration. Kayumba expressed confidence that power supply issues would not impede copper production, highlighting the commissioning of solar plants and surplus energy availability from Tanzania.
Kayumba asserted, “There’s a lot of stuff now in place to mitigate the risks around this. Mining will not be hindered.”
The article discusses Zambia’s strategic partnerships with the UAE and Saudi Arabia to boost its copper production. It highlights plans to raise output significantly, underlining key investments and collaborations in the mining sector. The focus is on the growing interest from Gulf investors as Zambia aims for substantial growth in copper production, showcasing the mining industry’s potential amid recent agreements and market developments.
In conclusion, Zambia aims to achieve a record copper output by enhancing its partnerships with Gulf nations such as the UAE and Saudi Arabia. With ambitious production goals and strategic collaborations, Zambia is poised to capitalize on investments and is optimistic about overcoming potential challenges in the mining sector. The country is set to leverage its opportunities to emerge as a leading copper producer in Africa.
Original Source: www.mining.com
