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Zambia: CNMC spends $500M to revive 20-year dormant Luanshya copper mine

Friday, 12 April 2024 17:14
Zambia: CNMC spends $500M to revive 20-year dormant Luanshya copper mine

(Ecofin Agency) - Zambia had its copper output fall for the third consecutive year last year. It stood at 680,000 tons. Meanwhile, the country seeks to bring it to more than a million tons per year by 2026 and triple it in the following years. 

The Luanshya copper mine is back online. President Hakainde Hichilema launched the revival works on April 11, 2024. The $500 million project is carried out by the China Non-Ferrous Metals Corporation (CNMC). After being dormant for nearly 20 years, the mine could produce 40,000 tons of copper with this revival project. 

The revival is part of a government strategy to increase copper production, amidst recent declines. Within a decade, the authorities hope to raise the national output to 3 million tons, against 700,000 tons in 2023.  

President Hichilema, for his part, forecast that Luanshya’s revival would create over 3,000 jobs, thus contributing to Zambia’s economic growth and the living standards of the Zambian people.  

Zambia is Africa’s second-largest copper producer, after the Democratic Republic of Congo. After many years of tensions between mining investors and the state under ex-President Lungu's regime, the country has been trying since 2021 to attract mining companies. Besides CNMC, Canadian companies Barrick Gold and First Quantum plan to invest several billion dollars to increase their production in the country. New investors, including the American firm KoBold Metals, have also entered the mining sector in recent months.

Emiliano Tossou



Public Management

ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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