First Quantum Minerals Ltd., led by Chief Executive Tristan Pascall, has delivered the 2024 Copperbelt High-Resolution Airborne Survey to Zambia’s Ministry of Mines. The initiative, heralded by President Hakainde Hichilema, marks a significant step in enhancing the country’s understanding of its vast subsurface resources.
“This critical mapping initiative provides a deeper understanding of Zambia’s resource endowment, benefitting not only the Ministry of Mines but the Zambian people as a whole,” President Hichilema said in a statement. He expressed gratitude to First Quantum Minerals for their leadership and collaboration on this project, which underscores Zambia’s commitment to leveraging its mineral wealth for economic development.
The handover of the survey coincides with encouraging news from the mining sector. Zambia’s copper output rose by 12% in 2024, reaching 820,670 metric tons compared to 732,580 tons in 2023. Mines Minister Paul Kabuswe attributed the increase to a recovery in production at key mines despite electricity shortages caused by a drought that impacted hydroelectric power generation.
The uptick in output reflects optimism in the sector, which the government has identified as a cornerstone of its economic growth strategy. Zambia, Africa’s second-largest copper producer after the Democratic Republic of Congo, aims to triple annual copper production to 3 million tons within the next decade.
Production gains were recorded at Mopani Copper Mines, now under the ownership of United Arab Emirates-based International Resources Holding, and other mines operated by industry heavyweights. Canadian firms Barrick Gold and First Quantum Minerals are scaling up production at their operations, while Vedanta Resources, backed by Indian billionaire Anil Agarwal, has committed $1.3 billion to revive Konkola Copper Mines (KCM).
Additionally, KoBold Metals, a U.S.-backed mining firm, has announced plans to invest $2 billion in developing a new copper mine in Zambia. The country’s mining resurgence, coupled with advancements like the Copperbelt High-Resolution Airborne Survey, signals a renewed drive to harness its natural resources while bolstering investor confidence.
As Zambia advances toward its ambitious production targets, the government remains focused on creating a sustainable, transparent, and investor-friendly mining industry that benefits its citizens and economy alike.
Hopefully, the government will now start warming up to the Norwegian style water-tight mine taxation system for maximum benefit to our people.