(Ecofin Agency) – Zambia is targeting production of 3 million tonnes of copper in 2031. To achieve this, the company is counting on new investments announced in recent years by the Canadians First Quantum and Barrick Gold, the Chinese CNMC or the group Vedanta by Indian billionaire Anil Agarwal.
In Zambia, President Hakainde Hichilema (photo) officially launched the Lumwana copper mine expansion project on Wednesday October 2. This $2 billion investment announced by Barrick Gold supports the government’s efforts to achieve annual production of 3 million tonnes of copper in 2031, compared to 700,000 tonnes in 2023.
Concretely, Barrick plans to almost double the throughput of the plant, from 27 million tonnes of ore per year currently to 52 million tonnes once the work is completed. This will double annual copper production to 240,000 tonnes over the life of the mine. A feasibility study expected by the end of the year will provide more details on the project.
Elected in 2021, President Hichilema was able to calm relations between mining investors and the government, allowing several billion dollars of investments in copper to be unlocked. It is in fact the lack of new investments in the copper sector which has led Zambia to record a decline in its copper production since 2021, until the historic low recorded last year.
The arrival of new players, such as the Emirati company International Resources Holdings, as well as the investments released by companies already present, such as the Canadian Barrick and First Quantum, give reason to hope for an improvement in the situation. By 2027, Zambia is targeting a 40% increase in copper production, in order to reach the milestone of one million tonnes.
Note that the Lumwana mine expansion project should also create 550 additional jobs over the next five years, and 2,500 more in the construction sector until 2028.
« We also plan to build critical infrastructure, including an airstrip and an industrial supplier park. This will enable major suppliers to establish themselves in the region, creating an economic hub that will fuel growth and development across the regionadded Mark Bristow, CEO of Barrick.
To achieve these various objectives, the authorities must nevertheless ensure a business climate conducive to the pursuit of the announced investments. In recent weeks, the Chamber of Mines has been concerned about various reforms planned by the authorities and which risk “reducing to nothing all the work accomplished since 2021“. For the moment, both parties are favoring the path of discussion with a view to finding common ground.
Emiliano Tossou
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