Zambia’s Copper Production Increases by 12% in 2024 Amid Recovery Efforts
Zambia’s copper output rose by 12% in 2024, reaching 820,670 metric tons, driven by production recoveries at major mines like Barrick’s Lumwana and Vedanta’s KCM. The government aims to boost annual copper production to 3 million tons in the next decade despite facing electricity shortages. Significant investments from key players indicate positive growth in the mining sector.
In 2024, Zambia’s copper production experienced a notable increase of 12%, attributed to a revival in output from crucial mining operations. The total copper output reached approximately 820,670 metric tons, a significant rise from the previous year’s 732,580 tons, as reported by Mines Minister Paul Kabuswe. Key contributors to this growth included Barrick Gold’s Lumwana mine, which enhanced its output, and Vedanta Resources’ Konkola Copper Mines (KCM), which resumed its mining activities. Additionally, Mopani Copper Mines saw increased production following its acquisition by the UAE-based International Resources Holding.
Minister Kabuswe emphasized that despite persistent electricity shortages caused by a severe drought impacting hydroelectric generation, copper output continued to rise. Zambia, being Africa’s second-largest copper producer after the Democratic Republic of Congo, is striving to elevate annual copper production to 3 million tons within the next ten years. To achieve this target, Vedanta, supported by Indian billionaire Anil Agarwal, plans to invest approximately $1.3 billion to revitalize KCM, which faced substantial operational challenges due to ownership disputes with the government.
Additionally, Canadian mining companies, Barrick and First Quantum Minerals, are increasing their outputs at various sites in Zambia. Furthermore, KoBold Metals, a company backed by American investors, has announced intentions to develop a $2 billion copper mine in Zambia, signaling robust future investment in the sector. These developments come amid Zambia’s efforts to enhance its mining output and position itself as a leading copper producer in the region.
Zambia’s mining sector plays a critical role in its economy, notably copper mining, which represents a significant part of its exports. The country is focused on revitalizing its copper production following challenges like ownership conflicts and operational downturns at key mines. With both domestic and foreign investments increasing, Zambia is on a path to expand production capacity, crucial for its economic growth and job creation. The government’s strategic objective aims to raise production levels significantly over the next decade, enhancing Zambia’s status as a vital player in the global copper market.
In summary, Zambia’s copper output has rebounded by 12% in 2024, driven by enhanced production at key mining sites. The government’s commitment to increasing annual copper production to 3 million tons demonstrates its strategy for significant economic development. With substantial investments from both local and foreign entities, the outlook for Zambia’s mining sector remains promising, supporting its position as a top copper producer in Africa.
Original Source: www.marketscreener.com
