MINING companies in Zambia are pressing for stronger incentives on mineral processing, revived exploration and expanded power generation ahead of next week’s elections, Reuters reports.
Africa’s second-largest copper producer aims for annual output of three million tons, nearly triple current levels, capitalising on demand growth from EVs, power networks and construction. Benchmark copper futures have risen more than 40% over the past year to $14,000/t.
“The ambition to triple copper production will require stronger incentives for exploration, local manufacturing and value addition, alongside major infrastructure investments,” said Ayo Sopitan, CEO of Metalex Commodities, who also called for stronger rule of law and dispute-resolution mechanisms, noting export duties on concentrates still burden producers lacking refining capacity.
Anthony Malenga, president of Zambia’s Chamber of Mines, said tax reforms and closer engagement with miners had helped attract over $10bn in investment since 2021, though sustaining growth now depends on a robust exploration pipeline requiring greater spending on greenfield projects and licensing reforms.
Mining contributes about 9% of GDP, 72% of export earnings and nearly half of government revenue. More than 8 million Zambians vote on 13 August, with President Hakainde Hichilema expected to win re-election, suggesting policy continuity.
Analysts warn power shortages and labour pressures pose the biggest risks, with industry estimating at least 2,000 additional megawatts needed to meet production targets.
