Investors Flock to Zambia Mining After Default Exit as Copper Output Hits 890,000 Tons
Updated
Updated · Business Insider Africa · Jul 1
Investors Flock to Zambia Mining After Default Exit as Copper Output Hits 890,000 Tons
3 articles · Updated · Business Insider Africa · Jul 1
Summary
Investor interest in Zambia’s mining sector has accelerated as fiscal consolidation strengthens after the country emerged from sovereign default, according to Citi’s Zambia chief Lowani Chibesakunda.
Copper demand tied to the green-energy transition and AI data-center power buildout has kept prices firm, reinforcing Zambia’s appeal as Africa’s second-largest copper producer.
S&P’s November upgrade lifted Zambia’s foreign-currency rating from selective default to CCC+/C with a stable outlook, while the government expects the 2026 budget deficit to more than halve and growth to exceed 6%.
Vedanta Resources underscored that renewed confidence in June by moving to sell 11.8%—about 23.5 million shares—of CopperTech Metals to help fund its Zambian mining operations.
New investor groups from the Middle East and first-time miners are also entering the market, broadening interest beyond mining into energy, agriculture, technology and pharmaceuticals.
As AI and EVs create a copper rush, how will Zambia ensure its mineral wealth benefits its people, not just foreign investors?
With rival world powers funding its railways, is Zambia's copper boom setting a new stage for geopolitical competition?
Zambia’s Copper Sector 2024–2031: Record Growth, Policy Reform, and the Race to Triple Output
Overview
Between 2024 and 2026, Zambia's copper sector saw a remarkable resurgence, marked by a surge in investment and production. Copper output climbed to 940,000 metric tons in 2025, nearing a record 1 million tonnes, after rebounding from a dip in previous years. This growth was fueled by ambitious government targets and the formation of strategic international partnerships. As a result, copper became an even more important contributor to Zambia’s gross domestic product, tax revenues, and export earnings, reinforcing its role as a cornerstone of the national economy and attracting further global interest.