Economics
Zambia’s Growth Target Shaky as Copper Output Drops, Prices Plunge
- Mining production on track for second straight annual decline
- Copper prices plummet after hitting record high in March
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Zambia’s economic-growth targets for this year are looking shaky as its copper production plunges along with prices of the metal it relies on for more than 70% of export earnings.
Output fell 7.4% to 364,089 tons in the first half of 2022, data from the Zambia Chamber of Mines showed Tuesday. Prices for the metal that’s used in everything from automobiles to iPhones are down 20% this year to $7,718 per ton on the London Metal Exchange -- well below the Ministry of Finance and National Planning’s July forecast of $9,595 for the year.