Zambia’s Mines Minister, Paul Kabuswe, announced significant progress at Mopani Copper Mines (MCM) and Konkola Copper Mines (KCM), two of the country’s largest mining operations. Mopani Copper Mines has cleared $400 million in legacy debt owed to Glencore Holdings and $220 million in outstanding payments to contractors, including Kitwe and Mufulira councils. The debt repayment was made possible through investments by Abu Dhabi-based International Resources Holding (IRH), which has injected $830 million into MCM since becoming a strategic equity partner in 2024. IRH’s funding has revitalized Mopani’s financial position and operational capacity.
The funds have also supported major operational upgrades at Mopani, including $30 million for two smelter shutdowns and $130 million for oxygen plant repairs. Additionally, $50 million has been deposited into a local bank to support ongoing projects. Mopani aims to increase its copper production to 200,000 tonnes annually within three years, up from its 2022 output of 72,694 tonnes. This marks a turnaround for the mine after years of financial challenges.
Meanwhile, Konkola Copper Mines has seen a sharp rise in monthly copper production since Vedanta Resources regained control in August 2024. Output increased by 49%, reaching 8,200 tonnes per month compared to 5,500 tonnes previously. KCM has committed $206 million for investments in 2025 to enhance production capacity and improve assets. This includes $50 million already allocated for asset improvement and an additional $74 million planned by mid-2025. The company has also awarded contracts worth $69.13 million to local suppliers and $7.27 million to foreign contractors. These investments align with Zambia’s goal of tripling copper production by 2031.
The developments at Mopani and KCM come as Zambia works toward strengthening its mining sector to achieve an annual copper production target of three million tonnes by 2031. The government’s focus on increasing domestic mineral output is part of broader efforts to bolster economic growth and reduce reliance on external markets. Zambia recorded a 12% increase in copper production in 2024, driven by resumed operations at key mines.
