Zambia, Africa ‘ second biggest Copper producer will ramp up its Copper production from 830 000 metric tons a year to 3 million metric tons inthe next 10 years, to take advantage of increasing Copper demand and booming commodity prices.
This was revealed by President Hikainde Hichilema at the just ended Invest in Africa Mining Indaba held in Capetown, South Africa last week.
HH as popularly known in Zambia and across political quarters took up the stage to cajole investors and chart a new path for the Zambian mining industry at Africa’s biggest mining investment event, organised by London Listed Hyve Events PLC,
The world class showcase has been running for over 2 decades before disrupted by Covid-19 in 2020.
The event brings together heads of state, government officials, top mining business leaders, industry professionals, experts and policy makers, investors, and global stakeholders.
This year ‘s Mining Indaba was held under the theme: “AFRICAN MINING: INVESTING IN THE ENERGY TRANSITION, ENVIRONMENTAL, SOCIAL AND GOVERNANCE AND ECONOMIES”
President Hichilema said the energy transition and unprecedented technological advancements are anchored by mineral resources, among others.
He highlighted that copper is critical in the green energy transition noting that there is an ever-increasing demand for it.
“We are determined to respond to the high demand for copper and have an audacious goal to take its annual production levels from the current 830,000 to 3 million metric tons in the next ten years.” he told over 6500 attendees who convened at the Capetown International Convention Centre.
” This is indeed ambitious, but we are confident we can achieve it” he said.
In addition to copper President Hichilema said Zambia was determined to ensure increased production of cobalt and nickel, which are key to the green energy transition and important elements in the production of electric vehicles.
” We are also promoting exploration and exploitation of tin, lithium, graphite, rare earth minerals, among others, to contribute to the success of the energy transition”.
Hikainde Hichilema emphasised that Zambia is endowed with the critical minerals that are an essential part of the green energy transition.
” Our country’s peace, stability and attractive investment environment is ideal for investment.We invite you to invest in exploration, mining, mineral processing and indeed, the production of value-added products for the green economy.” he said wooing private sector capital to come and invest in Zambia.
” We see a future where electric vehicle components which include batteries, copper pipes and cables are produced in Zambia and consumed by leading global EV producers”.
Still at the Mining Indaba President Hichilema announced two major investments by junior miner First Quantum Minerals’
This entails a USD $1.25 billion dollar investment to expand production and extend the life of the Kansanshi mine, and an additional $100 million dollar investment in the new enterprise nickel mine.
“Together these projects will help create and safeguard thousands of jobs, generate additional revenues and stimulate wider economic activity.” revealed Hichilema
“This is an example of our commitment to ease the process of doing business, while maximising the tangible benefits for citizens, through consultation and collaboration” he said.