Zambia’s copper output rose 12% in 2024, buoyed by a recovery in production at key mines as the government counts on the sector to drive economic growth.
Output reached roughly 820,670 metric tons, up from 732,580 tons the year before, Mines Minister Paul Kabuswe said on Wednesday.
Barrick Gold’s (ABX.TO), opens new tab Lumwana mine ramped up output and Vedanta Resources’ (VDAN.NS), opens new tab Konkola Copper Mines (KCM) resumed activities.
Output also picked up at Mopani Copper Mines, which was recently bought by United Arab Emirates firm, International Resources Holding.
Kabuswe said production rose despite electricity shortages after a devastating drought that hit hydroelectric power generation.
Zambia is Africa’s second-largest copper producer after Democratic Republic of Congo, and the government is trying to lift annual copper output to 3 million tons within about a decade.
Vedanta, backed by Indian billionaire Anil Agarwal, has said it plans to invest about $1.3 billion to revive production at KCM, which nearly collapsed after an ownership battle with Zambian authorities.
Canadian miners Barrick and First Quantum Minerals (FM.TO), opens new tab are also boosting output at their mines in Zambia while KoBold Metals, backed by U.S. investors, has said it plans a $2 billion copper mine in the southern African country.
