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Zambia’s government has reassured investors that its plans to increase state ownership in the mining sector will not disrupt existing operations. The country’s ambitious goal to quadruple copper production by the early 2030s will require significant investment, and officials are keen to maintain a favourable climate for foreign capital.
The government’s strategy, unveiled in August, aims to secure a minimum 30% stake in future critical minerals projects. However, this will apply only to permits allocated to the state, which will then seek partnerships with private investors.
Jito Kayumba, a senior government official, clarified that companies currently operating in Zambia, including those engaged in exploration activities, will not be subjected to retroactive changes in ownership structures. “No entity that currently operates in Zambia today will be subjected to any appropriation from the state,” Kayumba emphasized.
Zambia’s mining sector is dominated by global giants such as First Quantum Minerals and Barrick Gold, which together account for a significant portion of the country’s copper output. These companies are already actively expanding their operations in the country. Additionally, other major players like Vedanta Resources, China Nonferrous Mining Corp, and the Bill Gates-backed KoBold Metals are also investing in Zambia’s mining potential.
The government’s focus is on leveraging its newly acquired permits to attract investment for new projects. It is actively seeking partnerships, including a potential joint venture with Barrick Gold, to develop these licenses. While encouraging greater Zambian participation in the mining sector, the government is emphasizing voluntary partnerships rather than mandatory state ownership.
By striking a balance between state interests and investor confidence, Zambia aims to position itself as a key player in the global mining industry while maximizing the benefits for its people.
