Zambia Set for Record Copper Production This Year

Zambia is heading towards record copper production this year as global prices rise and demand increases.

While major mines in other countries face accidents and disruptions, Zambia is increasing output. Problems at mines in the Democratic Republic of Congo and Chile have reduced global supply, pushing copper prices up more than 20% this year to $10,887.50 per ton.

This comes at a good time for Zambia's economy as the country recovers from debt restructuring. President Hakainde Hichilema has set a target of 3 million tons of copper per year by early next decade. Current production stands at 821,000 tons.

Mining companies are investing heavily in Zambia. Barrick Mining Corp., First Quantum Minerals Ltd., and Sinomine Resource Group Co. are putting in about $10 billion to expand operations. Barrick's $2 billion expansion of the Lumwana mine will double production by 2028.

"The level of investment coming in right now is unmatched in Zambia's history," said First Quantum CEO Tristan Pascall.

The government expects to pass 1 million tons of production this year for the first time in a century. Growing demand for copper in renewable energy, electric vehicles, and power grids is driving this expansion.

Industry experts say President Hichilema's business-friendly approach has attracted new investment to the mining sector.