Skip to content
Subscriber Only

New Zambian Leader Could Unlock $2 Billion Mining Investment

  • Companies had a hostile relationship with outgoing governemnt
  • Hichilema replacing Lungu as president after winning election
Mining For Copper At Konkola Copper Mines Plc's Nchanga Mine
Photographer: Waldo Swiegers
Updated on

Copper producers are ready to start expansion projects worth $2 billion in Zambia next year if the industry can reach an agreement on royalties with President-elect Hakainde Hichilema’s new administration.

Companies including First Quantum Minerals Ltd. and EMR Capital are ready to raise funding for the projects, while other producers need to spend “hundreds of millions of dollars” in capital that they’d held back since 2019 because of tax changes that deterred investment, the Zambia Chamber of Mines said.