Mining

Copper: China About to Secure a New Mine in Africa

Copper: China About to Secure a New Mine in Africa
Thursday, 20 June 2024 20:06

China is one of the main foreign investors active in Africa's mining sector. With a presence in several copper mines in the Democratic Republic of Congo and Zambia, Chinese companies constantly seek new assets, as competition mounts.

Chinese firm JCHX Mining is on the verge of closing the purchase of the Lubambe copper mine in Zambia. This was reported by Reuters which noted that the Emirati International Resources Holding (IRH) exited the race to buy the project. 

In March 2023, the Emirati revealed it wanted to acquire the asset. At the time, EMR Capital, the owner, and JCHX already had a deal. If successful, Chinese investors would record a new win. 

Zambia is Africa's second-largest copper producer, with around 700,000 tonnes of copper produced by its mines in 2023. The government, which holds a 20% stake in the Lubambe project, aims to increase the country's annual production to 3 million tonnes by 2030 and is seeking investments to achieve this goal.

Competition to grow further

China should face greater competition in coming years as more and more companies are eager to secure Africa’s minerals, especially those essential to the energy transition; a dynamic spurred by a growing demand for these minerals. Last year, IRH outbid Chinese company Zijin Mining, acquiring Mopani Copper Mines' assets in Zambia. The Emirati acquired a majority stake in Mopani Copper Mines through a $1.1 billion investment and plans to dedicate $1 billion to other mining asset acquisitions in Africa this year.

Africa hosts approximately 30% of the world's strategic mineral reserves, including copper, cobalt, and lithium.

On the same topic
• Perseus Mining holds 80% of Tanzania’s $523 million Nyanzaga mine.• Tanzania’s government maintains a free 20% stake.• Nyanzaga will add 200,000...
• Guinea secured €95.16 million to build three micro-hydro plants.• The plants will generate 30 MW total for underserved central regions.• Guinea...
• Azumah Resources starts building Black Volta gold mine in Ghana, aiming for 163,000 oz/year• Funded by shareholders; initial cost estimated...
• The World Bank opens the door to supporting civilian nuclear energy in Africa• Several countries, including Ghana, Nigeria, and Rwanda, plan nuclear...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
03

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
04

• Kenyan President William Ruto signs strategic partnership with UK Prime Minister Keir Starmer to b...

William Ruto in London: New Agreement Aims to Double Kenya-UK Trade by 2030
05

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.