In 2024, Zambia’s copper output rose by 12% to approximately 820,670 metric tons, driven by increased production at key mines. The government aims for annual output of 3 million tons by 2034, despite challenges like electricity shortages. Significant investments from global mining firms support this growth.
Zambia’s copper production increased by 12% in 2024, reaching approximately 820,670 metric tons, up from 732,580 tons in the previous year. This growth is attributed to enhanced output at significant mines, including Barrick Gold’s Lumwana mine and Vedanta Resources’ Konkola Copper Mines. The Mines Minister, Paul Kabuswe, reported that production improved despite the country facing electricity shortages due to a drought affecting hydroelectric generation.
Zambia ranks as Africa’s second-largest producer of copper, following the Democratic Republic of Congo. The Zambian government aims to escalate annual copper production to 3 million tons within a decade to stimulate economic growth. Several mining firms, including Barrick and First Quantum Minerals, are stepping up their output, while Vedanta plans substantial investments to revive operations at its Konkola Copper Mines, which encountered challenges following legal disputes with the government.
In summary, Zambia has seen a significant recovery in copper output, boosted by key mining operations and investments from international companies. The country is strategically focusing on ramping up production to meet ambitious economic targets amidst challenges such as electricity shortages. Continued investment and operational improvements are critical for achieving the government’s long-term production goals.
Original Source: www.marketscreener.com
