Peter Sinkamba

COPPER PRICE ON WORLD MARKET PLUMMETS: ZAMBIA MISSED GOLDEN OPPORTUNITY

The price of copper on the international market has plummeted from US$4.92 per pound (US$10,847 per tonne) on 9th March 2022 to US$ 3.32 per pound (US$7,319 per tonne) as at today 22nd July 2022.

For more than one year (May 2021 to May 2022) the price of copper was hovering around US$10,000 per tonne. However, Zambia failed to utilise the copper supercycle (boom) to naximize revenue generation due government procrastination on KCM, MCM, Chambishi Metals and other underperforming mines. This entails all mines are likely to post loses in 2022.

How I wish our advise on the above listed mines was heeded to by government. We would have capitalised on the supercycle to turn around the contribution of the mining sector to achieving the Middle Income Country status by 2030!

Next supercycle expected in 2025-2026 financial year! Goldman Sach’s analysts forecast that copper’s price would rise to the $15,000 per tonne level by 2025, putting COMEX futures at over $6.80 per pound.