ZCCM-IH Chair Highlights Zambia’s Mining Revival and Investment Opportunities
Zambia is rapidly emerging as a prime destination for investment in the mining sector, with President Hakainde Hichilema credited for creating a stable and conducive environment, according to Mr. Phesto Musonda, Chairperson of ZCCM-IH.
Speaking during a courtesy visit to Zambia House in London, Mr. Musonda said the President has successfully stabilised the sector, which had previously faced operational challenges and declining production.
He noted that Mopani Copper Mines had been under care and maintenance, Konkola Copper Mines (KCM) faced operational difficulties, and production in traditional mining houses had largely stalled.
In North-Western Province, he explained, First Quantum Minerals had considered leaving Zambia due to frequent changes in the mineral tax regime. However, constructive engagement with the government led to the company’s recommitment to reinvest in the country.
“The mining sector has now attracted over USD 12 billion in investment. By December, we expect to reach the psychological milestone of 1 million metric tonnes of copper production, with a government target of 3 million tonnes by 2030 or 2032,” Mr. Musonda said.
He also addressed recent energy challenges caused by drought, noting that swift government reforms had mitigated their impact on mining operations.
The ZCCM-IH delegation, which included Vice Chairperson Mubita Akapelwa, Company Secretary Charles Mjumphi, board member Philippe Taussac, and Corporate Affairs Manager Loisa Mbata, highlighted plans to revitalise old partnerships and expand Zambia’s presence in international mining.
“We aim to increase ZCCM-IH’s role in marketing Zambian copper, cobalt, and uranium, and are advancing into gold exploration. There are significant opportunities for value addition, and we invite UK-based companies to partner with us,” Mr. Musonda said.
He also encouraged Zambians in the diaspora to invest in ZCCM-IH shares listed on the London Stock Exchange, emphasising the importance of local participation in the sector.
High Commissioner H.E. Macenje Mazoka welcomed the delegation, noting growing investor confidence following Zambia’s successful debt restructuring process. She highlighted increasing international interest not only in copper but also in other critical minerals essential for the global energy transition.
“Zambia is on the tip of everyone’s tongue,” she said. “There is enormous potential in mining and energy, and we are only beginning to showcase the full scope of opportunities available.”
