Zambia’s Strategic Mineral Potential and Future Growth
Zambia has emerged as a key player in the global mining sector, with its vast reserves of critical minerals positioning the country at the forefront of international supply chains. A recent report, developed in collaboration with the British Geological Survey, highlights the country’s mineral wealth, including copper, cobalt, manganese, nickel, graphite, lithium, rare earth elements, and columbite-tantalite. These resources are not only crucial for economic development but also essential for meeting the rising demand driven by technological advancements and green energy transitions.
The report was released ahead of African Mining Week (AMW), an important event that brings together industry leaders, investors, and policymakers. Held in Cape Town from October 1 to 3, the conference will feature a dedicated session on Zambia titled “Zambia: Accelerating Exploration and Development Through License Allocation.” This panel aims to explore the nation’s strategies for unlocking its mineral potential, while also discussing investment opportunities, market dynamics, and partnerships that can drive growth.
Copper: A Cornerstone of Zambia’s Mining Industry
As the tenth-largest producer of copper globally, Zambia contributes approximately 3% of the world’s total output. The country is expected to play a pivotal role in meeting the projected 25% increase in global demand for copper by 2040. Several large-scale projects are set to come online by 2026, including the Kitumba Mine by Sinomine Resources, the Kashime Mine by Mimosa Resources, and the Mingomba Mine by KoBold Metals. With a production target of three million tons by 2031, Zambia is well-positioned to become a major hub for copper extraction and processing.
Cobalt: A Growing Market with Significant Potential
In 2024, six operations in Zambia were producing cobalt from copper, making the country a key player alongside the Democratic Republic of Congo, which holds 58% of the world’s cobalt-bearing copper resources. The commissioning of Africa’s first cobalt sulfate refinery by the end of 2025 is expected to significantly boost Zambia’s cobalt output. Led by Kobaloni Energy, this project is supported by a $100 million investment from Vision Blue and the Africa Finance Corporation. Additionally, U.S.-based Terra Metals plans to relaunch a copper-cobalt acid leach plant in the Kabompo Dome area in 2025.
Manganese: A Vital Resource in Luapula Province
Zambia’s manganese production is concentrated in the Luapula Province, where Musamu Resources operates the Luongo Open-Pit Mine—the country’s first large-scale manganese mine. The mine began operations in 2022 and aims to scale production to one million tons per year by 2027. Kabundi Resources also operates two washing plants in Serenje, further supporting the region’s manganese industry.
Nickel: Expanding Production and Global Demand
Zambia hosts two nickel operations: the Enterprise Project by First Quantum Minerals and the Munali Mine by Mabiza Resources. Annual production increased from 2,500 tons in 2019 to 8,000 tons in 2023. With global demand expected to rise by 70% by 2040, these operations are poised for continued expansion.
Graphite: Rising Demand and Strategic Discoveries
Significant graphite prospects have been identified in Petauke, Lundazi, and Kapiri Mposhi, with high-grade discoveries at the Mvuvye and Njoka sites. Other known deposits include the Sasare and Mkonda areas. As companies like Malaika Exploration work to commercialize these assets, Zambia is set to contribute to the forecasted 130% surge in global graphite demand by 2040, driven largely by the electric vehicle industry.
Lithium: A Key Player in the Green Transition
Zambia’s lithium potential is primarily found in the Choma Belt of the Southern Province. UK-based First Africa Metals has confirmed high-grade deposits at its Misika and Kandela projects, with ongoing exploration in Tonga, Konayuma, and Rock Valley. With global lithium demand expected to grow by 350% by 2040, these projects could significantly boost Zambia’s export revenues and create new employment opportunities.
Rare Earth Elements: A New Frontier
With global demand for rare earth elements projected to increase by 65% by 2040, Zambia is ramping up exploration efforts. Antler Gold is advancing the Kesya Project, while x-RAM Traws is working on the Nkombwa Hill discovery. These initiatives highlight the country’s growing interest in this strategic resource.
Columbite-Tantalite: Diversifying Revenue Streams
Columbite-tantalite, used in electronics, aerospace, and energy sectors, represents an untapped opportunity for Zambia to diversify its mineral base and revenue streams. Exploration is underway by Maamba Collieries in the Southern Province and Malaika Exploration in north-eastern Zambia. With global demand for the mineral expected to increase by up to 525% by 2040, these reserves are becoming increasingly strategic in global supply chains.
