Zambia's Copper Production to Increase by 12% in 2024 Due to Recovery in Output from Major Mines

According to Webstock Inc., citing foreign media on January 22, Zambia's copper production in 2024 is expected to increase by 12%, driven by a recovery in output from major mines, as the government relies on the sector to boost economic growth.

Zambia's Minister of Mines, Paul Kabuswe, said on Wednesday that production reached approximately 820,670 mt, up from 732,580 mt in the previous year.

The Lumwana mine, owned by Barrick Gold, increased its production, while Konkola Copper Mines (KCM), owned by Vedanta Resources, resumed operations.

The Mopani Copper Mines, recently acquired by UAE-based International Resources Holdings, also saw a rebound in production.

Kabuswe stated that despite catastrophic droughts affecting hydropower generation and causing power shortages, production still increased.

Zambia is Africa's second-largest copper producer, trailing only the DRC. The Zambian government aims to raise annual copper production to 3 million mt within approximately 10 years.

Vedanta, backed by Indian billionaire Anil Agarwal, announced plans to invest about $1.3 billion to revitalize KCM's production. KCM had nearly collapsed following a dispute over ownership with Zambian authorities.

Canadian mining companies Barrick and First Quantum Minerals are also increasing their production at Zambian mines, while US investor-backed KoBold Metals plans to invest $2 billion in copper mining in this southern African nation.