• Zambia is seeking new foreign investment to raise copper production to 3 million tons by 2031.

• The government is negotiating with several partners, including the United States.

• New capital could reinforce ongoing expansion projects at major mines across the country.

Zambia, Africa’s second-largest copper producer, is seeking new international investment to expand its copper industry, including from the United States, as it pursues an ambitious production target.

According to international media reports on March 10 citing Mines Minister Paul Kabuswe, the government is currently in talks with several foreign partners to attract capital into the sector. Lusaka aims to raise national copper output to 3 million tons by 2031, up from about 890,300 tons in 2025.

Government Seeks Balanced Partnerships

Kabuswe said the discussions are meant to produce balanced partnerships between Zambia and foreign investors. He added that investors are expected to play an active role in developing the sector to ensure mutually beneficial outcomes.

The negotiations involve several countries, though officials have not disclosed how far the talks have progressed.

The mention of the United States is notable at a time when Washington is stepping up efforts to secure access to critical minerals in Africa. Copper is increasingly part of that strategy. In February, a consortium backed by U.S. financing, Orion Resource Partners, agreed to acquire a 40% stake in two copper-cobalt mines owned by Glencore in the Democratic Republic of Congo.

American interests are already present in Zambia’s copper industry. California-based startup KoBold Metals is developing the Mingomba copper project, which is expected to become a major mine. Construction has not yet begun, however, as the final investment decision is still pending.

New Capital Needed to Reach Production Target

Securing additional investment could prove crucial for Zambia’s copper sector, particularly as several major projects are already under way.

Vedanta Resources, which operates the Konkola mine, has announced plans to invest $1.5 billion to increase production by 2031. Barrick Mining is also expanding its Lumwana mine through a $2 billion project, while China’s JCHX Mining Management has outlined investments aimed at improving operations.

Together, these projects represent key steps toward Zambia’s production ambitions. The government is relying heavily on expanding output from existing mines to help reach its targets.

However, a recent report by PwC notes that achieving the 3-million-ton goal will also require significant new investment in exploration and the development of new mines.

“To reach 3 million tons, sustained capital investment will be needed in exploration, mine development, processing capacity, and supporting infrastructure,” the report states.

Beyond its geological potential, Zambia is also considered one of Africa’s most attractive mining jurisdictions. In 2025, the Fraser Institute ranked the country third on the continent for mining investment attractiveness.

Still, with elections approaching this year, maintaining investor confidence and a stable business climate remains a key challenge. On a global copper market already under strain from expected supply shortages linked to the energy transition and the rise of artificial intelligence, competition for the metal is likely to intensify.

Aurel Sèdjro Houenou