World copper rush promises new riches for Zambia

FE Team | Published: February 16, 2026 00:22:01

CAPE TOWN, Feb 15 (AFP): Five years after becoming Africa's first Covid-era debt defaulter, Zambia is seeing a dramatic turnaround in fortunes as major powers vie for access to its vast reserves of copper.
Surging demand from the artificial intelligence, green energy and defence sectors has exponentially boosted demand for the workhorse metal that underpins power grids, data centres and electric vehicles.
The scramble for copper exposes geopolitical rivalries as industrial heavyweights -- including China, the United States, Canada, Europe, India and Gulf states -- compete to secure supplies.
"We have the investors back," President Hakainde Hichilema told delegates at the African Mining Indaba conference on Monday, saying that more than $12 billion had flowed into the sector since 2022.
The politically stable country is Africa's second-largest copper producer, after the conflict-ridden Democratic Republic of Congo, and the world's eighth, according to the US Geological Survey.
The metal, needed for solar panels and wind turbines, generates about 15 percent of Zambia's GDP and more than 70 percent of export earnings.
Output rose eight percent last year to more than 890,000 metric tons and the government aims to triple production within a decade.
Mining is driving growth that is forecast by the International Monetary Fund to reach 5.2 percent in 2025 and 5.8 percent this year, which places Zambia among the continent's faster-growing economies.
"The seeds are sprouting and the harvest is coming," Hichilema said, touting a planned nationwide geological survey to map untapped deposits.
But the rapid expansion of the heavily polluting industry has also led to warnings about risks to local communities and concerns of "pit-to-port" extraction, in which raw copper is shipped directly abroad with little domestic refining.
- 'Dramatic new chapter' -
"We need to be aware of the potential for history to repeat itself," said Daniel Litvin, founder of the Resource Resolutions group that promotes sustainable development, referring to the colonial-era scramble for Africa's resources.
There is a risk that elites will be enriched at the expense of the broader population, while "narratives of partnership" offered by major powers can mask underlying self-interest, he said.
Chinese firms have long dominated the sector in Zambia and control major stakes in key mines and smelters, cementing Beijing's early-mover advantage.