Zambia has taken another step into mining. The country has signed a copper mining agreement with Ivanhoe Mines. This partnership will enable the Canadian mining company to explore new sites in Zambia, with the possibility of discovering significant copper deposits. Robert Friedland, Executive Chairman of Ivanhoe Mines, expressed his enthusiasm for the project in the columns of Matière News:
Ivanhoe Mines is just beginning to expand our global exploration footprint. Over the past two decades, we have proven our ability to transform unexplored regions into prolific mining centers, and we believe the same potential exists here in Zambia.
Ivanhoe Mines’ interest in Zambia’s mining sector comes as the country aims to increase its annual copper production to 3 million tonnes by 2031, from around 700,000 tonnes in 2023. To achieve this, the government is counting on increased production at existing mines and the development of new mines.Fertile ground for investors
Prior to Ivanhoe, Zambia has attracted exploration investments in recent months from the American KoBold Metals, as well as from Emirati International Resources Holding, which has signed an agreement worth over $1 billion to rehabilitate Mopani Copper Mines. Mention should also be made of the multi-billion-dollar investments announced by China’s CNMC, and Canada’s Barrick Gold and First Quantum to increase their copper production in Zambia.
Industries such as electric vehicle manufacturers and renewable energy companies are heavily dependent on this metal. Market demand for this raw material is growing. Copper plays a crucial role in the global energy transition. Zambia’s Minister of Mines, Hon. Paul Kabuswe, welcomed the partnership.
Zambia is open for business and committed to maintaining an environment that attracts and retains investment. Working with industry leaders like Ivanhoe Mines ensures that we can exploit our natural resources in a sustainable manner,
he told local media.This agreement, he believes, will play a vital role in Zambia’s quest to increase copper production and secure a leading position in the global mining market.
