Zambia's mining investments are yielding promising returns, according to President Akainde Hichilema. Addressing an audience in Cape Town, he highlighted Zambia's consistent advocacy over the past two years for increased investment in its mining industry. “Our message to industry has been consistent. Now is the time to invest in Zambia. Those who heeded this call are witnessing tangible outcomes,” he said.This includes the Enterprise Nickel mine, now Africa's leading nickel producer, which has commenced operations following a $100-million investment from First Quantum Minerals (FQ M). Notably, FQ M is significantly expanding its Kansanshi mine and smelter. This ambitious endeavour involves an investment exceeding $1 billion to enhance downstream beneficiation.Moxico Resources has initiated production at the Mimbula mining project, achieving a milestone of 6 000 tonnes of copper within the first nine months of operations. Additionally, Kobold Metals, leveraging cutting-edge artificial intelligence (AI) technology, has made remarkable strides in delineating the orebody at the Mingomba project, following a $150m investment in 2022.President Hichilema underscored Barrick Gold Corporation's intensified commitment to Zambia, with a staggering $2bn investment earmarked to expand the Lumwana mine into a super pit. Anticipated to start operations in 2028, this expansion is poised to yield an annual copper output of 240 000 tonnes.China Non-Ferrous Mining Corporation has committed investment of $1.3bn over the next five years for its diverse operations in Zambia. A significant portion of this investment will facilitate the reopening of Shaft 28 at the Luanshya Copper Mines in the Zambian Copperbelt.Hichilema said that with the culmination of these substantial investments, it was opportune for Zambia to shift its messaging from "Now is the time to invest" to a more assertive and forward-looking slogan: "Invest with confidence and power the future.”He highlighted that the country offered a stable and predictable mining, legal, regulatory and fiscal regime – critical elements in attracting global mining operators.“We have made substantial progress in resolving the legacy issues we inherited from the previous government, particularly at the Mopani Mine and the Konkola copper mines. International Resources Holding and Vedanta Resources have committed to providing a combined $2.3bn to fulfil the potential of these two national assets.”With Zambia now the world's second-largest copper producer, Hichilema has garnered praise for his efforts in revitalising Zambia's mining sector, remaining committed to increasing production in the country. In 2021, shortly after his election, he pledged to overhaul the industry and revitalise it, setting an ambitious goal of increasing copper production from approximately 800 000 tonnes per year to a minimum of three million tonnes over the next decade.
