Zambia plans to raise its copper output to over 1 million tons this year, in collaboration with the UAE and Saudi Arabia. A key player, International Resources Holding RSC Ltd., has increased production at Mopani mine significantly and aims for more. The country is set to finalize more agreements with Saudi Arabia, reinforcing its mining ambitions and energy solutions.
Zambia is striving to enhance its copper production to over 1 million tons this year, bolstering ties with wealthy Gulf nations like the United Arab Emirates and Saudi Arabia. Jito Kayumba, special assistant for finance and investment to the Zambian president, indicated that output could rise from approximately 720,000 tons in 2024.
The Abu Dhabi-based International Resources Holding RSC Ltd. has increased output by 32% at the Mopani mine after acquiring a majority stake late in 2023. The company aims for 150,000 tons in production by 2025, as per Kayumba’s remarks during an interview in Riyadh.
Zambia anticipates further agreements with Saudi Arabia following the signing of a memorandum of understanding regarding mineral resources collaboration. Kayumba stated, “The UAE is aggressively pursuing new investments, and the MOU with Saudi Arabia illustrates how serious the relationship is. They will definitely be in Zambia.”
Gulf investors are considered vital partners in Zambia’s ambition to quintuple copper output by the start of the next decade. Kayumba projects that Saudi Arabia will likely be among the first to invest contingent upon the results of Zambia’s ongoing mapping study.
Saudi Arabia has been securing partnerships with international miners, including Barrick Gold Corp. from Canada and Vale SA in Brazil, as it aims to establish its own metal and mining hub. Manara Minerals Investment Co., backed by the Saudi state, is pursuing a stake in First Quantum Minerals Ltd.’s Zambian mines but was outbid by Japan’s Mitsui & Co.
As Africa’s second-largest copper producer, Zambia has been engaging with Manara and Saudi Arabia’s mineral resources entities to enhance cooperation. Kayumba believes that power shortages will not impede the country’s copper output enhancement, pointing to anticipated solar plant commissions and surplus power availability from neighboring Tanzania.
He remarked, “There’s a lot of stuff now in place to mitigate the risks around this. Mining will not be hindered.”
Zambia is a prominent player in the global copper market, being the second-largest producer in Africa after the Democratic Republic of Congo. The country seeks to attract foreign investments from wealthy Gulf nations to boost its copper production capacity significantly. The ongoing collaboration and agreements with these nations aim to enhance Zambia’s mining infrastructure and output amid global demand for copper and other minerals.
Zambia’s strategic partnerships with the UAE and Saudi Arabia are pivotal for its goal to significantly increase copper production. The commitments made through various agreements and the interest from Gulf investors underscore Zambia’s potential as a critical supplier in the global metals market. With advancements in energy supply and international cooperation, Zambia is poised for a productive mining future.
Original Source: www.mining.com
