Speaking at Indaba 2024, Robert Friedland of Ivanhoe stated that the world needs 700 million tons of new copper production over the next 22 years. What role can Zambia play to achieve that goal?

As a country, we have a target to reach 3 million t/y of copper production by 2031. We are moving decidedly towards that with the new investments that are coming into the country. Once we reach 3 million t/y, we will not stop there; we will continue pushing towards 4 million t/y, then 5 million t/y… The DRC can also contribute 4 million t/y, so I believe that we will be able to meet the demand globally. 

President Hichilema’s speech at Indaba highlighted some of the upcoming developments in Zambia’s mining industry. Could you provide a summary on the copper front? 

We are looking forward to receiving more investments that can translate into social change. Zambia is ready for business, and as part of our goal to reach 3 million t/y of copper production, there have been some important announcements recently. For instance, KoBold Metals’ discovery at Mingomba is an exciting moment for Zambia. It will translate into jobs for our people and economic improvement in the area where the mine will sit. The company has announced that it plans to fast-track its development. 

On top of that, there is First Quantum’s commitment to invest over US$1 billion to extend Kansanshi’s minelife. Barrick plans to deploy US$2 billion for the Lumwana copper mine expansion. China Non-ferrous Mining Corporation (CNMC) has pledged to invest US$1.3 billion over the next five years, including US$600 million to reopen shaft 28 at Luanshya. International Resources Holdings (IRH) from UAE is investing US$1.1 billion in Mopani copper mines. Vedanta of India is taking back ownership of Konkola copper mines, with significant investment. And finally, we also have Moxico Resources with the Mimbula Phase 1 project already in operation, and a plan for the Phase 2 expansion in motion. 

Could you also elaborate on developments on minerals other than the red metal?

Beyond the large investment at Kansanshi, First Quantum Minerals is assigning an additional US$100 million to culminate the development of the Enterprise nickel mine. Meanwhile, Gemfields is doing investments as part of a joint venture with the Zambian government. 

The country has all the minerals you can think of, so what is important is to put money on the table, start to drill and find the resource, in order to see these projects become mines and receive investment sums like the ones discussed here. 

In light of what happened to First Quantum in Panama, how important is for Zambia to maintain a stable regime for mining investment?

Our message has been that we are committed to maintain a stable policy environment; we do not want to change policies every day. We understand very well that mining projects are long-term investments, so the predictability in the economy and the rules of the game is paramount. This is what we want to offer as a country.