Zambia targets $30 million annual export revenue from copper, aims for one million tonnes by 2027

Finance and National Planning Minister, Situmbeko Musokotwane, has expressed optimism that Zambia can generate about US$30 million annually in export revenue once the country reaches its target of producing three million tonnes of copper.

Speaking at the recent Economics Association of Zambia (EAZ) national economic summit in Lusaka, Musokotwane outlined the government’s plans for the mining sector.

Musokotwane projected that Zambia would produce around one million tonnes of copper by 2027, supported by favorable policies in the mining sector.

He explained that with the current market prices, producing three million tonnes of copper could yield approximately $30 million per year in export revenue.

“Beyond this, we are encouraging value addition. The mines must start making certain quantities of copper available for value addition locally,” Musokotwane said.

He said the temporary challenges of drought should not be confused with the overall performance of the economy, asserting that the country’s economy would be the strongest ever in the next two to three years.

Musokotwane noted that Zambia’s copper production had stagnated between 600,000 and 800,000 tonnes per year over the past 60 years due to a lack of investment in the mining sector.

However, he highlighted that the government had implemented various policies to encourage increased production, aiming for an ambitious target of three million tonnes of copper.

“The issue of drought is temporary and mining is a long-term investment. The impact will start to set in over the next two to three years, but we will already see benefits starting next year,” Musokotwane stated.

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