Zambia Climbs to Third in Global Mining Investment Attractiveness, Joins Critical Minerals Africa 2024 Summit

Zambia's critical mineral sector has seen remarkable growth, driven by an enabling policy environment that attracts significant investments.

Zambia's mining industry has surged to third place in global investment attractiveness in 2024, up from 12th in 2023, due to a solid mining policy environment, according to a new report released by global think tank Fraser Institute. The country has attracted $10 billion in fresh investments over the past three years, reflecting a positive outlook for continued growth.

In a bid to drive further investment and sustainable growth in the mining sector, the Zambia Chamber of Mines has partnered with the Critical Minerals Africa (CMA) 2024 summit. Representatives from the Zambia Chamber of Mines, including Chief Executive Officer Sokwani William Chilembo, will attend the CMA summit to promote the country's critical mineral sector to potential investors.

The Critical Minerals Africa 2024 summit, scheduled for November 6-7, aims to position Africa as the primary investment destination for critical minerals. The event will be held alongside the African Energy Week: Invest in African Energy 2024 conference from November 4-8 in Cape Town. Sponsors, exhibitors, and delegates can gain access to a broad array of energy, mining, and finance leaders at this event.

Zambia is the world's seventh-largest and Africa's second-largest producer of copper, a key mineral for manufacturing wind turbines, solar panels, battery storage, and electric vehicles. The country aims to boost copper production to three million tons per year by 2031, leveraging partnerships with global mining firms to meet this target. In July 2024, Canadian mining firm Ivanhoe Mines resumed production at the Mopani Mine, following 30 years of project maintenance. This project is expected to add up to 140,000 tons of copper and zinc concentrate to Zambia’s annual output, propelling the country closer to its production increase target. Additionally, in April 2024, the country secured $1.1 billion in investment from UAE mining firm International Resources Holding to bolster production at Mopani Mine, in exchange for a 51% stake in the project. This investment aims to increase production at the mine to 200,000 tons over the next three years. At CMA, the Zambia Chamber of Mines will provide an update on the state of play of the country’s copper value chain.

Zambia's critical mineral sector has seen remarkable growth, driven by an enabling policy environment that attracts significant investments. As global demand for critical minerals increases and Zambia’s mining sector expands, the country is establishing various state boards, mining institutions, and statutory bodies to ensure sustainable management of the industry. In mid-June, Zambia announced plans to establish a state-owned mineral trading company to optimize resource monetization for GDP growth. In May 2024, Zambia announced a $6 million investment to establish a Mining Technology Hub to foster partnerships with global players and advance mining technologies. During CMA 2024, the Zambia Chamber of Mines will discuss and forge partnerships on knowledge sharing and capacity building with global stakeholders.

“Zambia's critical mineral sector has seen remarkable growth, driven by an enabling policy environment that attracts significant investments. As a key player in the global energy transition, Zambia is poised to increase its contribution to sustainable energy solutions, reinforcing its importance on the world stage,” stated Rachelle Kasongo, Project Director at CMA organizer, Energy Capital & Power.