Zambia Mining
Intelligence Report

The mining sector is central to economic growth in Zambia and across the world. It supplies essential raw materials for construction, manufacturing, energy, and technology. Government policies, including taxation, licensing frameworks, environmental regulation, and political stability, play a decisive role in shaping investor confidence.

A competitive and transparent policy environment attracts long-term investment, drives technological innovation, and sustains employment, whereas unpredictable regulations or political instability can deter capital and slow sectoral development. Striking the right balance between government revenue generation and incentivising production is therefore crucial to the long-term health of the mining sector.

Zambia's mining sector has continued to show strong growth momentum over the past year. Copper production rose to 820,676 tonnes in 2024, up from 732,794 tonnes in 2023, marking a 12% increase. This recovery reflects the positive impact of ongoing reforms, increased investment, and enhanced regulatory predictability.

Major players such as First Quantum Minerals (FQM), Barrick Gold, International Resource Holdings (the new owners of Mopani Copper Mines), and Vedanta Resources (which has resumed operations at Konkola Copper Mines) are driving expansion projects and increasing output. These investments are laying the foundation for Zambia's ambition to reach 3 million tonnes of copper production by 2030–2031.

Key regulatory developments during the past year include the passage of the Minerals Regulation Commission Act No. 23 of 2024, which establishes an independent regulator for the sector, and the ongoing progress of the Geological Survey and Mines Development Bill. High-resolution geological mapping covering 47% of the country is enhancing exploration potential and investment attractiveness.

The mining sector remains a cornerstone of Zambia's economy, contributing significantly to GDP, tax revenues, and export earnings. This, the fourth edition of the PwC Zambia Mining Report, analyses the sector's performance in 2024 and up to September 2025, highlighting recent developments and setting out prospects for the sector.

A key theme is the progress made towards achieving the government's goal of 3 million tonnes of copper production by 2030-31, an objective that will require sustained investment, policy consistency, and the successful delivery of major projects.

Zambia's economy has shown steady recovery. After contracting in 2020, real GDP growth reached 4% in 2024, with the World Bank projecting acceleration to 5.8% in 2025 and approximately 6.5% by 2026/2027. Mining remains the primary driver of this growth trajectory.

The report examines mineral production performance, commodity price trends, investment flows, regulatory developments, energy challenges, and sustainability priorities. It is designed to provide stakeholders—investors, policymakers, and industry participants—with a comprehensive view of Zambia's mining landscape and its role in the country's economic transformation.

S3 Expansion Project (US$1.25 billion): FQM launched the S3 expansion project on 18 August 2025, committing US$1.25 billion to extend the lifespan of Zambia's largest copper mine by 25 years and raise annual copper production to 240,000 tonnes by 2029 (2022 production was 146,282 tonnes).

Nickel Project (US$100 million): Additional investment in nickel production capacity at the Enterprise Nickel Mine adjacent to the Sentinel operation.

Prospect Resources Stake: FQM acquired a 15% ownership stake in Prospect Resources, an Australian junior mining company that holds the Mumbhezi exploration asset in Zambia.

2024 Production: FQM's Zambian operations produced approximately 403,927 tonnes of copper, making it the largest producer in the country.

Announcement: May 2022 (S3), October 2023 (Nickel)

Lumwana Super Pit Expansion: The US$2 billion Super Pit Expansion Project at Barrick Gold's Lumwana mine is progressing steadily. Once complete, the expansion will double annual copper output to 240,000 tonnes, powered by a new processing plant with a capacity of 50 million tonnes per year.

Construction Progress: Construction activities are in full swing, key equipment orders have been secured, and infrastructure enhancements—including a new power transmission system developed in collaboration with ZESCO—are advancing to support both the mine and the surrounding region.

Strategic Importance: The expansion will transform Lumwana into a Tier One copper mine, significantly contributing to Zambia's 3 million tonne production target.

Announcement: April 2024

Mingomba Deposit: Exploration is still underway, with production expected to start by 2030. KoBold Metals indicated it has plans to fast track development of the new mine at its Mingomba deposit, which would cost about US$2 billion.

Exceptional Grade: According to KoBold Metals, the Mingomba deposit, which is still under exploration, has copper ores grade of about 5%, which could indicate the highest grade among Zambian discoveries in 100 years.

Global Comparison: The ore grade of 5% deposit quality will place Mingomba alongside Ivanhoe's Kamoa-Kakula copper mine in the DRC as one of the world's premier copper deposits.

AI-Driven Exploration: KoBold uses artificial intelligence and machine learning to identify promising mineral deposits, representing a new generation of exploration technology.

Investment to date: US$150 million | Announcement: December 2023

Investment Distribution:

• Chambishi Copper Mine: US$450 million
• Luanshya Copper Mine: US$600 million
• Sino Metals and warehouse project: US$200 million

Long-term Presence: CNMC has been operating in Zambia for over two decades and remains one of the largest Chinese investors in the country's mining sector.

Production Capacity: Combined operations target significant increases in copper output, contributing to national production goals.

Announcement: September 2023

Mopani Acquisition: In 2024, International Resource Holdings (IRH) completed the acquisition of a 51% stake in Mopani for US$1.1 billion.

Revival Strategy: Under new ownership, Mopani Copper Mines is experiencing a major revival, prioritizing production ramp-up, job creation, supplier payments, and rehiring of former staff.

Early Milestones: Early milestones such as the first copper anodes demonstrate strong momentum since the early-2024 takeover.

Production Target: The company is working to restore Mopani to its historical production levels and beyond, contributing significantly to Zambia's copper output.

Acquisition completed: 2024

Return to Operations: KCM was officially handed over to Vedanta Resources in August 2024, ending years of legal disputes and provisional liquidation.

Rail Rehabilitation Project: KCM has launched a three-phase high-speed rail rehabilitation project led by Flint Rail Projects at its underground mine in Chililabombwe, starting at the 875m level of No. 4 Shaft and targeting completion by April 2026.

Capacity Improvements: The rail project will reduce cycle times and derailments while increasing tramming capacity from 850,000 to 1.5 million tonnes annually.

Production Target: The infrastructure supports KCM's goal of producing 300,000 tonnes of copper annually by 2031, which is aligned with Zambia's national target of 3 million tonnes by 2030.

Handover: August 2024 | Rail project announcement: 2 July 2025