• ZCCM in talks with Mercuria to market its share of copper output

• Congo’s Gécamines already exporting directly, targets 500,000 tons

• IEA warns global copper supply gap could reach 30% by 2035

ZCCM Investments Holdings, the mining company majority-owned by the Zambian state, plans to move into copper trading. Chief Executive Kakenenwa Muyangwa told Bloomberg on February 17 that discussions are under way with Swiss trader Mercuria and other firms to market the share of production linked to ZCCM’s stakes in Zambia’s mines.

The shift would mark a change in strategy. As a shareholder in mines such as Chambishi, Kansanshi, and Konkola, ZCCM has so far relied mainly on dividends for revenue. According to Muyangwa, moving toward directly marketing its share of production is of considerable importance. No agreements have yet been announced, either with mining operators or targeted trading partners.

The move follows a similar step taken by the Democratic Republic of Congo. Since 2023, state-owned Gécamines has exercised its right to market part of its output. Earlier this year, it announced its first direct sales on international markets.

For the 2026 financial year, Gécamines plans to commercialize its share of production from the Tenke Fungurume mine, where it holds a 20% stake in a joint venture with China’s CMOC. Its allocation, about 100,000 tons of copper, is expected to be exported to the U.S. market with support from Mercuria.

At the same time, the Congolese company intends to launch a subsidiary, Gécamines Trading, with a long-term goal of increasing its tradable copper volumes to 500,000 tons.

Seeking greater control in a tightening market

Through these initiatives, Zambian and Congolese state-backed companies aim to take a more active role in selling their copper. The strategy goes beyond simple sales. It could allow them to manage export volumes, select destination markets, and negotiate transaction terms directly, especially pricing.

The timing is significant. Global demand for copper is rising sharply. Supply of the metal—critical for modern electronics, energy systems, and emerging artificial intelligence technologies—may struggle to keep pace, driven in part by the energy transition.

The International Energy Agency (IEA) has warned that global copper supply could face a deficit of up to 30% by 2035. Such a gap would reinforce copper’s strategic importance.

By gaining greater control over marketing, Zambia and the DRC may seek to capture more value from their production, particularly as Western interest in securing copper supplies grows, including from the United States.

How quickly this transition materializes remains unclear. While the strategy signals a push for greater control, the ability of these entities to establish themselves in the highly competitive global copper trading market has yet to be proven. Partnerships with traders such as Mercuria suggest a gradual approach. The coming months will determine whether this shift strengthens their market position and boosts revenues.

Aurel Sèdjro Houenou