Zambia plans to elevate its copper production to over 1 million tons, aided by partnerships with Gulf nations. Abu Dhabi’s International Resources Holding has already boosted output at Mopani mine significantly after acquiring a majority stake. Furthermore, ongoing discussions with Saudi Arabia could enhance collaboration on mineral resources, with expectations of increased investments based on viable opportunities identified in mapping studies.
Zambia intends to increase its copper production to a record level exceeding 1 million tons this year, strengthening its partnerships with oil-rich nations in the Gulf, particularly the United Arab Emirates and Saudi Arabia. Current production is approximately 720,000 tons, with projections set for a rise in 2024 as reported by Jito Kayumba, the special assistant for finance and investment to the President of Zambia.
International Resources Holding RSC Ltd. of Abu Dhabi has successfully boosted output by 32% at the Mopani mine since acquiring a majority stake at the end of 2023. The company is aiming for a production target of 150,000 tons by 2025, reflecting its commitment to enhancing Zambian copper mining operations.
During the Future Minerals Forum, Kayumba indicated that Zambia anticipates forging further agreements with Saudi Arabia, highlighting a recent memorandum of understanding to collaborate on mineral resources. “The UAE is aggressively pursuing new investments, and the MOU with Saudi Arabia indicates the seriousness of our relationship,” he noted, expressing confidence in the Gulf investors’ potential contributions to Zambia’s copper output goals.
Gulf investors are deemed essential partners in Zambia’s ambition to more than quadruple its copper production by the next decade’s outset. Kayumba expects that Saudi Arabia will lead investment initiatives if the ongoing mapping study identifies viable opportunities for development.
Saudi Arabia has been securing partnerships with foreign mining entities, such as Canada’s Barrick Gold Corp. and India’s Vedanta Resources Ltd., to establish its own metals hub. Manara Minerals Investment Co., backed by the Saudi state, is pursuing a stake in First Quantum Minerals Ltd.’s Zambian mines, although it lost a competitive bid to Mitsui & Co., a Japanese trading house.
Zambia, recognized as Africa’s second-largest copper producer after the Democratic Republic of Congo, is engaged in discussions with Manara, the state miner Maaden, and Saudi Arabia’s Ministry of Industry and Mineral Resources to enhance collaboration in the mining sector. Kayumba expressed optimism regarding the country’s power supply, noting advancements such as upcoming solar plant commissions and available surplus in Tanzania.
“There’s a lot of stuff now in place to mitigate the risks around this,” Kayumba remarked, affirming that mining operations will not face significant hindrances this year due to power shortages.
Zambia is actively seeking to expand its copper production industry by engaging with investors from the United Arab Emirates and Saudi Arabia. These partnerships are aimed at addressing the country’s copper output lag and could involve substantial investments in mining operations. The need for increased production emerges from Zambia’s position as a key player in Africa’s copper market and its desire to enhance its economic prospects through foreign partnerships and advanced mining technologies.
In conclusion, Zambia is positioning itself to enhance its copper production significantly by collaborating with Gulf nations, particularly the UAE and Saudi Arabia. By leveraging investments and forming strategic partnerships, Zambia aims to overcome production challenges and attract new investments. The country’s efforts reflect its commitment to harnessing international support for growth in its vital copper sector.
Original Source: www.mining.com
