The Evolution of African Mining: Investing in the Energy Transition, ESG, and the Economies. According to President Hichilema, Zambia is well-positioned to capitalise on the recent growth in minerals critical for green transitions, with plans to more than treble the country’s copper production to a whopping three million tons per year. Accordingly, he noted that action for the mining sector in Zambia and across Africa to be followed up with concerted effort to improve the domestic operating environment.
His remarks and promises for a transparent and fair regulatory environment created a hopeful buzz among investors and was well-received by industry players who have been eagerly waiting for Zambia’s political regime to match the nation’s resource potential. President Hichilema’s administration’s intention to work alongside foreign partners in delivering national economic benefits from the mining sector appear to have already brought benefits to the country. Earlier this month, Canada’s First Quantum Minerals said its board had approved plans for a $1.25 billion expansion of its Kansanshi copper mine in the North-Western province of Zambia, driven by “renewed confidence” in the African nation’s investment climate.
Several other mining giants have also announced investments in Zambia after years of reluctance. London-based Anglo American has decided make its first investment in Zambia in 20 years, with the acquisition of a majority stake in a junior exploration firm. Meanwhile, the world’s second-largest metals and mining corporation, Rio Tinto, has also decided to expand its exploration operations through joint ventures in the country.
