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Zambia’s ambitions on the global mining stage: Highlights from FMF2025

January 22, 2025

Zambia’s commitment to elevating its mining sector and diversifying investments was on full display at the recent Future Minerals Forum.

Jito Kayumba, Special Assistant to the President for Finance and Investment, outlined the country’s strategic priorities in an interview with Mining Review Africa, shedding light on its goals, achievements, and future ambitions in the mining industry.

Engaging the Global Investment Community
Zambia’s primary objective at the forum was to strengthen its engagement with the global investment community. “Mining, with copper as our leading mineral, is the backbone of Zambia’s economy,” said Mr. Kayumba. The country’s delegation, which included the Minister of Mines and Minerals Development, sought to attract new investments, clarify policy initiatives, and address misconceptions about Zambia’s mining framework.

Highlighting the significance of Zambia’s presence at the forum, Mr. Kayumba said, “We aimed to showcase our policy direction, build relationships, and foster collaboration with stakeholders, including the Saudi government.” A key milestone was the signing of a Memorandum of Understanding (MoU) with Saudi Arabia, paving the way for the establishment of a Center of Excellence to enhance capacity building, exploration, and mine development.

ALSO READ: Africa’s role in the energy transition and Saudi Arabia’s Vision 2030

Diversifying Investors and Projects
Zambia is actively diversifying its investment sources, welcoming stakeholders beyond traditional partners such as the UK, China, and Canada. Recent entrants from the Gulf region, including the United Arab Emirates, stress the growing interest in Zambia’s mining potential.

“Legacy mines, established before our independence, have dominated our mining landscape,” explained Mr. Kayumba. “However, we’re now focusing on greenfield projects like the Mingomba cobalt mine and the U.S.-backed project, which is set to become the largest mine in Zambia.”

The government’s target is to triple copper production to 3 million metric tons within the next decade, a move poised to significantly boost revenues and forex earnings.

Balancing Policy and Sustainability
Zambia’s dynamic and consultative approach to policymaking has been instrumental in creating an investor-friendly environment. A recent adjustment allowing mineral royalty tax deductibility exemplifies the government’s responsiveness to industry needs.

ALSO READ: Future Minerals Forum 2025 opens with global talks on responsible mining

Equally critical is Zambia’s emphasis on environmental sustainability. “We want to be known as a green mining destination,” stated Mr. Kayumba. With over 85% of the country’s energy derived from hydro sources and growing investments in solar and wind power, Zambia is setting a benchmark for renewable energy in mining operations.

The Role of Technology and Global Collaboration
Mr. Kayumba highlighted the transformative potential of technology in modernizing Zambia’s mining sector. The government is leveraging artificial intelligence for exploration and mine planning while building collaborations with global partners to adopt cutting-edge technologies.

“Our engagements at the forum showcased innovations like underground mining technologies and clean energy solutions, which could revolutionize our operations,” he noted.

Economic and Social Impact
Mining remains a cornerstone of Zambia’s economy, contributing 40% of tax revenues and nearly 80% of forex earnings. The government is keen to ensure that the sector’s growth translates into tangible benefits for its citizens.

Community engagement and environmental preservation are central to Zambia’s mining strategy. “We don’t authorize mine developments arbitrarily,” emphasized Mr. Kayumba. “Stakeholder buy-in and environmental impact assessments are critical to our decision-making process.”

A Vision for the Future
Reflecting on the forum’s outcomes, Mr. Kayumba highlighted the importance of relationships and ethical governance in attracting investments. With nearly $12 billion in mining investments secured over the last three years, Zambia is cementing its position as a premier mining destination in Africa.

“Our vision is clear,” he concluded. “We aim to leverage our mineral wealth to improve the living standards of Zambians, foster sustainable development, and position Zambia as a key player in the global mining industry.”

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About the author

Mining Review Africa
Content Team
Mining Review Africa is a platform promoting advancement and sustainable development in African mining, providing insights on technology, finance, and industry trends through engagement with mining companies and suppliers.
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