ZCCM-IH Plans to Enter Copper Trading as Zambia Targets 3 Million Tonnes Annually by 2031
ZCCM Investments Holdings Plc (ZCCM-IH) is seeking to expand its role in Zambia’s copper value chain by entering metals trading, as the state-owned investment company looks to capture greater value from the country’s mineral resources.
Speaking at the Financial Times Metals and Mining Summit in London on 15 October 2026, ZCCM-IH Board Chairperson Phesto Musonda outlined the company’s ambition to participate directly in metals trading, highlighting the need to move beyond reliance on dividends from its mining investments.
“Zambia has world-class copper assets, but we cannot develop them without being clear about how we sell them.
That is why government policy now wants ZCCM-IH to take part in metals trading. We cannot simply wait for dividends that don’t come,” Musonda said.
The proposed move reflects a shift in government policy towards giving ZCCM-IH a more direct role in trading metals produced by mines in which it holds interests.
Through this approach, the company aims to capture a greater share of the value generated along the copper value chain and channel more returns to Zambia.
Musonda said participation in commodity trading, particularly copper, would support the government’s ambition to maximise the economic benefits of the country’s mineral resources.
He added that the summit provided an opportunity to engage potential partners, understand offtake markets and explore opportunities to influence the destination of Zambian copper.
Global copper demand is increasing, driven by investment in electricity grids, data centres and electric vehicles.
Against this backdrop, Musonda said African countries needed to look beyond resource ownership and strengthen their participation in the broader minerals value chain.
“Africa will not capture more value from its minerals by owning resources alone. It will do so by structuring partnerships that pay through the cycle, by building the power that makes processing at home possible, and by running state companies with the discipline of the market. That is the model Zambia has built through ZCCM-IH,” he said.
Musonda added that ZCCM-IH represented Zambia’s active participation in the mining sector through equity interests and commercial partnerships.
“Through ZCCM-IH, Zambia holds a real stake in its mines and earns from them. We are not a passive host to capital. We are an active, commercial partner, and we are ready to grow with those who share that ambition,” he said.
The company’s participation in the London summit formed part of its efforts to engage international investors, financiers and offtakers involved in the copper market, while strengthening collaboration with partners, including state-owned mining companies across the region.
Expanding into metals trading could also support Zambia’s target of producing three million tonnes of copper annually by 2031.
The government has identified increased domestic value addition and job creation, particularly for young people, as broader priorities for the mining sector.
As global copper demand grows, access to reliable power, processing capacity and investment will remain important to expanding production and developing more of the value chain within Zambia.
ZCCM-IH’s proposed entry into metals trading would mark a further step in the company’s efforts to increase its commercial participation in the country’s mineral sector.
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