According to a report by Mining.com, citing Reuters, Zambian Finance Minister Situmbeko Musokotwane said on the 5th that, driven by substantial investment and capacity expansion by First Quantum Minerals, Zambia’s copper production could rise to 1 million tons by 2026.
　　Although the government has already planned to increase copper production—crucial to the economy—to 3 million tons within 10 years, Zambia, the world’s second-largest copper producer, continues to see its output decline.
　　Data from the Zambia Mining Association show that in 2023, the country's copper production fell from 763,000 tons in the previous year to 698,000 tons.
　　Other factors contributing to the increase in copper production include the expansion of Mopani Copper Mines, which recently secured a new investment, as well as the resumption of growth in output at Konkola Copper Mines (KCM), which has just resolved its ownership dispute with the Indian mining company Vedanta Resources.
　　“The output of the two major mining giants—Mopani and KCM—had previously declined, but has now recovered,” Musokotwani told local media.
　　The expansion investment in First Quantum Minerals’ Kansanshi copper mine is also expected to boost production, Musokotwani said.
　　Last year, Canada’s Barrick Gold announced that it would invest 2 billion U.S. dollars to expand the Lumwana copper mine in Zambia, with plans to increase copper production to 240,000 tons by 2028.
　　After acquiring a 51% stake in the Mopani copper mine held by Glencore, the United Arab Emirates’ International Resources Holding (IRH) pledged to invest $1.1 billion to expand the mine’s production capacity.
　　In 2019, the then-Zambian government planned to take control of the KCM copper mine, leading to a dispute with Vedanta. As a result, the mine’s production was nearly brought to a standstill. Zambia hopes that, following increased investment, the mine’s output can be restored.
　　“Therefore, by the end of 2025-2026, we will be able to produce over one million tons of copper,” said the finance minister.