Raw copper from Zambia awaits export in a warehouse at Newlyn Terminal at Bayhead at the port in Durban, South Africa, April 4, 2024. REUTERS/Rogan Ward. Image @Reuters
According to Zambia’s mine minister, Paul Kabuswe, the country is in talks with various countries and international investors, including the U.S, to invest in its copper production, as it aims to triple its copper output by 2031.
As the U.S. escalates efforts to lose China’s grip on materials essential to advanced production, Zambia is seen as one of the countries Washington is keen to partner with.
According to reports, Africa’s second-largest producer of copper, produced 890, 346 tons of copper last year, failing to meet its target of 1 million tons. Kabuswe said “the U.S. is part of it,” and emphasized a fair deal, adding that, “investors must also take their share.” “It has to be a win-win situation for both Zambia and the investors,” he said.
As a significant material in electrical vehicle and renewable energy infrastructure, the red metal is vital for the transition to a low-carbon economy, making it a very attractive investment.
China’s JCHX Mining, India’s Vedanta Resources, the United Arab Emirates’ International Resources Holding, and KoBold Metals, backed by U.S. investors, among others, are some of the mining firms that currently operate in Zambia. In addition to copper, the country is also rich in cobalt, nickel, manganese, graphite, lithium, and rare-earth elements.
By: Andrews Kwesi Yeboah