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Zambia’s copper belt is abuzz with a renewed sense of optimism. A landmark discovery using artificial intelligence (AI) has ignited a surge in exploration activity, while government reforms aim to unlock the country’s vast mineral potential.
“This year marks a pivotal year for Zambia’s mining sector,” says Dr Nicolaas C Steenkamp, an independent consultant specializing in mining projects. “Significant discoveries, coupled with government reforms and ongoing exploration activity, paint a picture of a burgeoning industry.”
The discovery that grabbed global headlines came in February 2024, when KoBold Metals, a Bill Gates-backed exploration startup, announced a massive new copper deposit at Mingomba. Estimated to hold between 500,000 and 600,000 metric tons of copper, Mingomba has the potential to become one of the world’s largest copper mines. This discovery, made by re-interpreting historical data with AI, underscores the growing role of technology in modern exploration.
The Zambian government is also playing a proactive role. A series of reforms highlight its commitment to maximizing the benefits from its mineral wealth. The 2023 cabinet decision classified copper, cobalt, lithium, and other minerals as “strategic,” signalling a focus on critical resources that power the green energy revolution. Additionally, the 2024 budget outlined plans for a nationwide geophysical survey and exploration of newly discovered lithium deposits.
“The government’s reforms demonstrate a clear intention to revitalize the mining sector,” says Steenkamp. “Measures like the introduction of a tiered property transfer tax system on mining rights aim to streamline processes and incentivize investment.”
Despite a recent slowdown in regional exploration, Zambia is experiencing a surge in activity driven by established players like Anglo American, which announced a copper and cobalt exploration campaign in the North-Western province in February 2024. Additionally, new entrants like the Zambian Copper Project (ZPC) reflect the growing investor interest.
Existing mines are also expanding. First Quantum Minerals (FQM) is undertaking a $500 million expansion project at its NFCA mine, aiming to increase annual copper production by 30,000 metric tonnes and revive cobalt production. FQM’s Kansanshi mine S3 project, expected online in 2025, will unlock a new copper resource, further bolstering Zambia’s production capacity.
Barrick Lumwana has also committed a significant $2 billion investment into developing the Kamisengo project, a new copper mine in the Northwestern Province. This project is expected to be a major contributor to Zambia’s copper output in the coming years.
However, challenges remain. Ensuring responsible mining practices and addressing environmental concerns are crucial for the sector’s long-term success. Additionally, upgrading transportation and energy infrastructure will be necessary to support the industry’s growth.
“While the outlook for Zambia’s mining sector is positive, addressing technical and social challenges will be essential,” concludes Steenkamp. “By embracing sustainable practices and fostering community development, Zambia can ensure its mining boom benefits all stakeholders.”
