Zambia aims to raise its copper output to over 1 million tons this year, focusing on partnerships with Gulf nations, including the UAE and Saudi Arabia. The government anticipates increased investments following a memorandum of understanding with Saudi Arabia, critical for achieving its ambitious production goals. Energy supply concerns are expected to be mitigated through planned solar plants and regional collaborations.
Zambia is targeting to achieve a record copper output exceeding 1 million tons this year, strengthening financial ties with the resource-rich Gulf nations, particularly the United Arab Emirates (UAE) and Saudi Arabia. Jito Kayumba, the special assistant for finance and investment to Zambia’s president, forecasts an increase from approximately 720,000 tons to over 1 million tons by the end of 2024.
Zambia stands as Africa’s second-largest copper producer, following the Democratic Republic of Congo. The nation is actively seeking investment from GCC countries to boost its mining sector, especially as Saudi Arabia aims to enhance its own metals and mining industries. Recent developments include a memorandum of understanding signed with Saudi Arabia for collaboration in mineral resources.
As Zambia endeavors to significantly increase copper production, the strategic partnership with the UAE and Saudi Arabia is crucial. With ongoing investments and supportive policies, Zambia aims to meet its ambitious production goals without succumbing to energy shortages. The positive outlook for copper mining is bolstered by proactive collaborations with Gulf investors, ensuring a robust mining environment.
Original Source: www.mining.com
