Zambia woos investors at mining conference

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PRESIDENT Hakainde Hichilema has presented Zambia’s revitalized mining sector at the 2024 African Mining Indaba, showcasing substantial investments and progress in overcoming previous challenges.

Key developments include First Quantum Minerals (FQM) injecting US$1.3 billion into expanding the Kansanshi mine and smelter, alongside Barrick Gold Corporation’s substantial $2 billion investment to establish a “super-pit” at Lumwana.

President Hichilema also highlighted International Resource Holding and Vedanta Resources committing a combined US$2.3 billion for Mopani and Konkola Copper Mines.

Additionally, FQM’s $100 million investment in Enterprise Nickel Mine and China Non-Ferrous Mining Corporation’s $600 million reopening of a shaft in Luanshya underscore the government’s focus on beneficiation.

The President revealed that Kobold Metals’ new artificial intelligence (AI) technology is shaping the Mingomba project, while Moxico Resources has already produced 6,000 tons of copper at Mimbula since March 2023.

Zambia’s status as the world’s largest emerald producer was emphasized, with a call for exploration in rare earths, lithium, and other minerals.

President Hichilema stressed Zambia’s commitment to being a dependable investment partner, highlighting efforts to address past issues and create a stable business environment.

Government initiatives to enhance energy and transport infrastructure, such as the US$2.2 billion Kafue Gorge Lower Power Station and opening the energy market to private players, were also highlighted.

Calling for investment partnerships, the President envisioned unlocking a “new, green, African future,” aligning with global climate goals and promoting industrialization across the continent.

Kalemba February 5, 2024

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