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Zambia is aiming for a record copper output this year, exceeding 1 million tons, as the country deepens ties with oil-rich Gulf nations, particularly the United Arab Emirates and Saudi Arabia.
Jito Kayumba, Special Assistant for Finance and Investment to Zambian President Hakainde Hichilema, revealed that production is projected to climb from approximately 720,000 tons in 2024. This surge is partly attributed to the significant production boost at the Mopani mine, where International Resources Holding RSC Ltd. of Abu Dhabi, the new majority owner, has already increased output by 32%. IRH is now targeting an ambitious 150,000 tons of copper production for 2025.
Kayumba, who is attending the Future Minerals Forum in Riyadh, emphasized the growing significance of Gulf investment in Zambia’s mining sector. He highlighted a recent memorandum of understanding signed with Saudi Arabia as a pivotal step in strengthening bilateral cooperation in mineral resources.
“The UAE is aggressively pursuing new investments, and the MOU with Saudi Arabia underscores the seriousness of this relationship,” Kayumba said. “They will definitely be in Zambia.”
Gulf investors are seen as crucial partners in helping Zambia achieve its ambitious goal of more than quadrupling copper output by the beginning of the next decade. Kayumba expressed confidence that Saudi Arabia would emerge as a key investor, particularly if ongoing geological mapping studies identify viable development opportunities.
Saudi Arabia has been actively expanding its global mining interests, forging partnerships with major players like Barrick Gold Corp., Vale SA, and Vedanta Resources Ltd. The kingdom’s state-backed Manara Minerals Investment Co. has also expressed interest in Zambian mines, although it was recently outbid by Mitsui & Co. for a stake in First Quantum Minerals Ltd.’s operations.
Zambia, Africa’s second-largest copper producer after the Democratic Republic of Congo, has been actively engaging with Saudi entities, including Manara, state miner Maaden, and the Ministry of Industry and Mineral Resources, to explore avenues for closer collaboration.
Concerns have been raised about potential power shortages that could hamper Zambia’s production ambitions. However, Kayumba dismissed these concerns, pointing to the imminent commissioning of new solar power plants and the availability of surplus power from neighboring Tanzania.
“There’s a lot of stuff now in place to mitigate the risks around this,” Kayumba assured. “Mining will not be hindered.”
This surge in copper production is expected to have a significant impact on Zambia’s economy, creating jobs and generating substantial revenue for the country. As Zambia strengthens its ties with Gulf nations and leverages its abundant copper resources, it is poised to become a major player in the global mining landscape.
