Zambia Attracts $10 Billion in Mining But Copper Output Struggles to Keep Pace

Zambia has attracted nearly $10 billion in mining investment commitments since 2021, but copper production has risen by only about 90,000 metric tons over the same period, highlighting the challenges facing the country’s efforts to boost output.

President Hakainde Hichilema has set a target of raising annual copper production to 3 million metric tons by 2031 under the government’s National Three Million Metric Tonnes Copper Production Strategy.

Zambia produced 890,346 metric tons of copper in 2025, about 8% more than a year earlier but below the government’s target of 1 million metric tons. Output was about 732,580 metric tons in 2023 and 825,500 metric tons in 2024.

Several major mining projects remain under development, meaning their full contribution to production has yet to be reflected in output figures. They include Barrick’s expansion of the Lumwana copper mine, Vedanta’s investment in Konkola Copper Mines and KoBold Metals’ Mingomba copper project.

Electricity supply remains a major constraint on Zambia’s mining expansion. Mining accounts for roughly half of the country’s electricity consumption, according to the World Bank, while industry executives estimate that about 2,000 megawatts of additional generation capacity could be needed to support the government’s 3 million metric ton copper target.

Zambia’s energy sector has attracted new investment, with the Energy Regulation Board reporting support for 16 utility-scale projects representing more than 1.1 gigawatts of proposed generation capacity in the first half of 2026.

Those projects, however, do not yet represent additional electricity available to the mining industry.

Strong copper prices are providing another incentive for Zambia to expand production. Copper prices were around $14,000 per metric ton in early August, while the International Energy Agency has forecast a potential global supply shortfall by 2035.

Copper is central to Zambia’s economy, accounting for about 70% of export earnings, while mining and quarrying contributed roughly 22% of net tax revenue in 2025.

Reaching 3 million metric tons of annual copper production by 2031 would require output to increase by about 22% a year from the 2025 level, a target analysts have described as highly ambitious.

Electricity availability, regulatory conditions and the ability to translate investment commitments into operating mines remain key challenges.

The government’s $10 billion figure represents reported investment commitments rather than independently verified capital already deployed. Even so, the scale of planned investment underscores Zambia’s ambition to strengthen its position as a major global copper producer.

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