President Hichilema Unveils Booming Mining Sector and Green Ambitions at 2024 African Mining Indaba

President Hichilema Unveils Booming Mining Sector and Green Ambitions at 2024 African Mining Indaba

By Lucky Munakampe
5/02/2024

CAPE TOWN, SOUTH AFRICA – In a compelling virtual address to the African Mining Indaba, President Hakainde Hichilema today showcased Zambia’s thriving mining sector, outlining key investments and sustainable initiatives.

President Hichilema began by highlighting the success of previous mining investments, emphasizing their positive impact on the industry. Notably, First Quantum Minerals’ $100 million investment in the Enterprise Nickel Mine, marking Africa’s largest nickel producer, drew attention.

The President disclosed First Quantum Minerals’ commitment to invest over $1 billion in expanding the Kansanshi mine and smelter in S3, a move aimed at enhancing downstream beneficiation. Moxico Resources’ impressive 6,000 tons of Copper production at the Mimbula Mining project within the first nine months of operation also received commendation.

Kobold Metals, utilizing Pioneering Artificial Intelligence (AI) technology, showcased advancements at the Mingomba project after a $150 million investment in 2022. President Hichilema lauded Barrick Gold Corporation’s doubling down with a $2 billion investment to transform the Lumwana Mine into a ‘super-pit,’ projecting a production capacity of 240,000 tons of copper annually by 2028.

China Non-Ferrous Mining Corporation pledged a substantial $1.3 billion investment over the next five years, including a $600 million reopening of shaft 28 at the Luanshya copper Mines on the Copperbelt.

The President reaffirmed the government’s commitment to positioning Zambia as a reliable investment partner in Africa. Notably, resolving issues around Mopani Mine and Konkola Copper Mines demonstrated the New Dawn Administration’s commitment.

Acknowledging the contributions of International Resource Holding and Vedanta Resources, President Hichilema expressed gratitude for the combined $2.3 billion investment dedicated to unleashing the potential of national assets.

Government efforts to bolster the Gemstone Sector, particularly emeralds, were recognized, with Zambia now holding the title of the world’s largest producer of this precious stone.

In his address, the President encouraged diversification through mineral exploration, urging confirmation of resources in rare earths, lithium, gold, manganese, graphite, Sugilite, and diamonds.

Turning attention to the Energy and Transport Sector, President Hichilema outlined projects aimed at enhancing Zambia’s infrastructure to support ambitious mining goals. Notable initiatives included the $2.2 billion Kafue Gorge Lower Power Station and the UK-Zambia Green Growth Compact, unlocking $3 billion for renewable energy projects.

The Copperbelt Energy Company’s $200 million Green Bond issuance to finance solar, wind, and other renewable energy sources demonstrated the nation’s commitment to sustainable practices.

President Hichilema revealed the opening of the energy market to private sector players through the open access regime, facilitating off-taker guarantee financing for mining companies to fuel their expansion projects.

Government-backed infrastructure projects such as the Zambia-Lobito rail line and the upgrading of the TAZARA railway line were highlighted, aiming to provide smoother routes to markets for mining operations in Zambia.

Concluding his speech, President Hichilema called for investment partnerships to pave the way for a new, green African future. His vision includes meeting climate targets and ushering in a new era of industrialization for Africa and the global community. The President’s address firmly positioned Zambia as a key player in shaping the future of sustainable mining and energy development on the continent.

Photo: Aerial view of Mingomba in Zambia’s Copperbelt Province.