Zambia is courting global investors, including from the US, as it aims to more than triple its copper output to 3-million tonnes by 2031, its mines minister said on Tuesday.
Africa’s second-largest copper producer after the Democratic Republic of Congo is seen as one of the countries Washington is keen to partner with as the US escalates efforts to loosen China’s grip on materials crucial to advanced manufacturing.
Zambia produced 890,346 tonnes of copper last year, missing an annual target of 1-million tonnes. The red metal is a key material in electric vehicles and renewable energy infrastructure vital for the transition to a low-carbon economy.
Zambian mines minister Paul Kabuswe said investment talks extend to various countries as part of a broader strategy to meet the 2031 target.
“The US is part of it,” he said, without providing details of specific discussions.
Negotiations between Lusaka and Washington are also under way for a more than $1bn (R16.3bn) health aid deal that health advocates have warned links the money to mining access and has data-sharing risks.
Has to be a win-win situation for Zambia and investors
“There is nothing linked to anything,” Kabuswe told Reuters when asked whether US health funding will be linked to mining collaboration, adding: “Zambia is very mindful when seated on the table to do negotiations over any matter.”
Kabuswe emphasised the importance of fair deals, adding that “investors must also take their share”.
“It has to be a win-win situation for Zambia and for the investors,” he said.
In addition to copper, Zambia is also rich in cobalt, nickel, manganese, graphite, lithium and rare earth elements.
Mining firms operating in Zambia include China’s JCHX Mining, Canada’s Barrick Gold and First Quantum Minerals, India’s Vedanta Resources, United Arab Emirates’ International Resources Holding and KoBold Metals, which is backed by US investors.
Reuters
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