Zambia to triple copper production to 3M tons in 10 years: President

By James Kunda

LUSAKA, Zambia (AA) - The Zambian president on Monday said his country is seeking to triple copper production to 3 million tons annually in the next decade to take advantage of the opportunities in the emerging electric motor vehicle industry.

Addressing leaders and investors at the opening of the 2022 African Mining Indaba in Cape Town, South Africa, Hakainde Hichilema said Africa's second top copper producer is seeking to attract more investment with sector-friendly policies to spur production which currently hovers at slightly over 800,000 tons annually.

"Zambia is a key player in the global copper mining industry (and) in addition to copper, we are determined to ensure increased production of cobalt and nickel, which are key to the green energy transition and important elements in the production of electric vehicles," Hichilema noted.

The conference is running under the theme African mining: Investing in the energy transition, environmental, social and governance and economies.

Prior to his address, Hichilema announced that the Canadian mining giant First Quantum Minerals (FQM) had approved a fresh $1.25 billion investment to expand operations in Zambia.

The FQM currently runs one of Africa's largest open-pit mines -- the $2 billion Sentinel Mine in the Kalumbila district of northwestern Zambia.

The announcement by FQM came after a renewed request by Indian mining conglomerate Vedanta Resources to retake the ownership of a mining unit, Konkola Copper Mines, which was liquidated under the government of Hichilema's predecessor Edgar Lungu, who was voted out of office last August.

Hichilema called for continental efforts to promote sustainable development and harness the continent's mineral resources.