Zambia has set ambitious plans to expand its copper production, aiming to more than quadruple output by the early 2030s, according to Bloomberg News.
To achieve this, the government is calling on investors to help advance early-stage mining projects into fully operational sites.
Zambia’s President Hakainde Hichilema’s special assistant for finance and investment, Jito Kayumba, disclosed that over 40 mining permits currently held by the Ministry of Mines are expected to be transferred to a new state-owned enterprise.
This entity will partner with investors, maintaining a substantial minority stake in each project without direct involvement in operations.
“The appetite is illustrated in the numerous unsolicited offers we receive,” Kayumba shared in a telephone interview.
Currently, subsidiaries of First Quantum Minerals and Barrick Gold generate about two-thirds of Zambia’s copper output, with expansion plans underway to increase their production.
Under the oversight of Zambia’s Industrial Development Corporation, the new state company will issue mining licenses and share government-backed aerial geophysical survey data with investors.
The government also encourages partnerships between investors, operating partners, and the state to develop additional mining projects.
Earlier this year, Bloomberg News reported that Zambia plans to establish a state-owned investment company to hold a minimum 30% stake in future critical mineral projects.
This strategy supports Zambia’s goal to substantially boost copper output while tapping into reserves of cobalt, graphite, and lithium.
